MILAN – Piero Ferrari, son of founder Enzo and the second largest shareholder in Ferrari, arrange a household belief this month to handle his stake of round 10% within the Italian luxurious sports activities carmaker, a U.S. regulatory submitting confirmed.
The transfer outlines plans for succession in relation to the group’s shareholding construction.
Piero Ferrari’s daughter Antonella and his grandsons Enzo Mattioli Ferrari and Piero Galassi Ferrari have been appointed because the belief beneficiaries, the submitting printed late on Monday confirmed.
The belief represents “an instrument helpful to protect the unity” of Piero Ferrari’s present participatory curiosity in Ferrari, the submitting stated.
Piero Ferrari, 77, has transferred the “naked possession” of its shares to the belief, whose worth quantities to round 4 billion euros ($4.2 billion) at present costs. He'll retain voting rights within the firm, which exceed 15%.
The transfer doesn't have an effect on a present session pact Piero Ferrari has with Ferrari’s largest investor Exor, the holding firm of Italy’s Agnelli household.
Dutch-based Exor owns round 23% of Ferrari and round 35% of voting rights.
Each Ferrari and Exor declined to remark.
($1 = 0.9424 euros)
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