With the ipo of Ferrari, many imagined a possible scenario of loss of control of the brand to the hands of any group is the majority shareholder. But the son of Ferrari sealed a pact with the Agnelli family to protect the legendary Italian brand.
Chen Sergio Marchionne announced the valuation of Ferrari in 10,000 million dollars many tagged him as crazy. Marchionne sought to achieve between the 48 and the 52 dollars a share, and the output of RACE, this is the code used by Ferrari on the New York Stock Exchange, the shares managed to reach the 56 dollars, that is to say a figure who fixed the valuation of the company around the 10,000 million dollars, exact figure predicted by the Italian.
In this context, the Agnelli family through Exor financial secured control of the 23% of the shares of Ferrari, other 10% was in the hands of Pierro Ferrari, son of the founder of the company, while the remaining actions with the exception of the 10% launched at market values, will remain in the hands of other shareholders of FCA.
The division of stock could make you think that for the Agnelli family would be impossible to take control of Ferrari, but a clause in the statute so permits and, most importantly, is that the alliance with Piero Ferrari reinforces even more that possibility.
The mechanism is very simple: Exor and Piero Ferrari have signed an agreement to accord each other the defence of their interests in Ferrari, to form a block capable of controlling a hypothetical escalation on the part of other shareholders. This is because the statutes are fixed at the time of the ipo of 10% of the shares of Ferrari, which provide that the holders of the shares for more than three years have the right to vote beyond mere equity participation.
The Agnelli family and Piero Ferrari, ensure that you do not have any intention to assign any part of its shares in Ferrari, which gives them a right to vote around 50% of the total, a figure that represents a “shield” happens to be armed against any ambition on the part of the other shareholders.