Large investors of the Ferrari – Exor and Piero Ferrari holding company, made a pact that will protect the corporation from hostile takeovers.
Ferrari feared for his integrity after it will be separated from the Fiat Chrysler in the beginning of the next year. Investors are joining forces to make all actions together and consulting on important decisions.
The document, which was signed by the parties, shall enter into force in early January 2016, immediately after the separation of the Fiat Group. Now investors have 49% stake in the company. In cases of appearing of potential customers for the purchase of the company Ferrari, investors will work together to carry out consultations and meetings on all issues.
Exor and Piero Ferrari Holding receive the priority right to purchase the shares of the Ferrari. The agreement between the investors will operate for five years, the sides hope to protect the company in the legal field and to strengthen its position in the market.
The head of the investment holding company Exor, in a statement said that after the signing of the pact between them and Pierro Ferrari, a new period in the company starts , the parties will do their utmost to ensure the stability and prosperity of the brand on the world market, the expansion of production and activities.
According to experts, investors took a sensible decision, joined forces in the market, because concerted actions give them total almost 50% of the voting shares of the company. This will help to protect the company from acquisitions.
Ferrari is a well-known expensive global brand, producing racing and sports cars. In 2014 its revenue amounted to 265 million euros with revenue of 2.76 billion euros.
Source: www.wsj.com
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