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SHOCKING! AGNELLI FAMILY CASHES IN ON FERRARI STAKE!
Exor Ditches 4% of the Ferrari Goldmine—A New Era of High-Stakes Acquisitions Begins!
In a jaw-dropping move that’s sending shockwaves through the luxury car world, Italy’s powerful Agnelli family, through their holding company Exor, plans to sell a whopping 4% stake in Ferrari! Why? To fuel new acquisitions and kickstart a €1 billion share buyback! Hold onto your seats; the stakes are higher than ever!
With a net asset value soaring to about €42 billion last year, Ferrari accounts for a jaw-dropping 50% of that fortune. Exor’s master plan not only aims to rake in an estimated €3 billion from this rapid-fire sell-off but also to bolster its coffers for a colossal new acquisition that could shake up the industry!
A Master Strategist at the Helm!
Chief John Elkann has been a whirlwind of change at Exor, meticulously reshaping their portfolio over two decades, scrapping debts like they’re yesterday’s news. Now, Elkann targets a diversified investment strategy while trimming down on Ferrari’s previously overwhelming presence in the portfolio! “Over the past decade, Ferrari has tripled our net assets, but it’s time to spread our wings!” said Elkann, teasing investors with his grand vision.
Power Moves Galore!
This comes hot on the heels of the Porsche-Piech family, who control Volkswagen and Porsche, announcing their own plans to diversify beyond just cars. Is this a sign of the times? Exor’s audacious move is nothing short of a dramatic chess game in the world of luxury and power!
FERRARI HITS RECORD HIGH!
And it gets juicier—Ferrari’s share price just skyrocketed to a record €483! Sales are surging, with revenues soaring nearly 12%, pushing total sales beyond 13,700 units this year! The allure of high-priced, personalized luxury cars has ignited a fierce demand, especially across the US and China.
Meanwhile, Ferrari fans are still reeling from nearly a decade of Formula 1 disappointments. But fear not! With fresh blood and a revamped crew, including tech whiz Benedetto Vigna and superstar driver Sir Lewis Hamilton, the race is back on! Elkann promises no drastic governance shifts, maintaining Exor’s top dog status at Ferrari for the long haul. “Our support and trust in Ferrari’s bright future are unwavering!” he declared, steering the company into a new era.
With all this dramatic momentum, one thing’s for sure: the race for opulence is just beginning! Buckle up!
photo credit: www.ft.com
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