Piero Ferrari, son of Ferrari company founder Enzo Ferrari, and the Agnelli family, heirs of the Fiat brand, want to ensure they have the final say at the automaker after its massively successful IPO this week.
According to Bloomberg Business, the two families plan on signing an agreement ensuring they retain almost half of Ferrari’s voting rates, making a shareholder takeover of the brand impossible. Piero Ferrari said they “have an agreement among the families to protect our interests in Ferrari,” and added that he doesn’t plan on selling his 10 percent stake in the automaker.
Exor SpA, the Agnelli family’s holding company, will own about 23 percent of the automaker once Fiat-Chrysler sells off its remaining 80 percent stake in the brand in January. That should make it the largest single investor in the automaker going forward.
Ferrari shares, trading under the ‘RACE’ ticker symbol on the NYSE, spiked 6 percent in the first day of trading, maxing out at over $60 a share. The share price again jumped Thursday to $58.20, valuing the Italian supercar manufacturer at about $11 billion.