Agnellis Sell €3 Billion Ferrari Stake, Remain Top Holder.

The Agnelli family sold a stake worth around €3 billion ($3.14 billion) in Ferrari NV, after the supercar maker’s value has risen more than 10 times since its initial public offering in the US.

Exor NV, the investment vehicle of the Agnelli clan, sold around seven million common shares in the luxury carmaker, according to a statement Thursday. Exor remains Ferrari’s largest shareholder, retaining roughly 30% of its voting rights.

The sale equals to about 4% of the outstanding capital and was executed via an accelerated bookbuilding offering to institutional investors. Goldman Sachs Group Inc. and JPMorgan Chase & Co. are arranging the sale and the offering is expected to settle on March 3.

Ferrari shares fell as much as 7.4% in Milan trading on Thursday morning, after the US listing dropped 4.9% on Wednesday. Exor shares rose as much as 4.6% in Amsterdam.

The proceeds will be used for a “sizable” new acquisition and €1 billion for a share buyback, Exor said.

In a separate statement, Ferrari said it intended to buy as much as 10% of the shares disposed by Exor, up to a maximum of €300 million. Ferrari is one among world’s most iconic brands. Chief Executive Officer Benedetto Vigna is committed to keeping Ferrari’s product line exclusive and leaning on customization to boost profit.

Formerly owned by Fiat, the car producer founded by the Agnelli family and now a part of Stellantis NV, Ferrari was spun off almost a decade ago. Its market capitalization on the New York Stock Exchange has grown to more than $120 billion.

Source: FINANCE.YAHOO