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Ferrari, Agnellis in anti-takeover pact

by Bill Cawthon on

Now that the Ferrari’s new stock has been sold (RACE: up 5.77% in its first day), the company’s major stakeholders are taking steps to keep their holdings safe from financial predators, according to Bloomberg. The financial reporting company wrote that Piero Ferrari and Exor, the Agnelli family’s holding company, are using loyalty voting rights to prevent takeover attempts.

Ferrari-NYSE-Web

Ferrari, Enzo’s only surviving son, owns 10% of the company, while Exor owns 23%. However, under the special provisions giving special shares with extra voting rights to stakeholders who guarantee ownership for three years or more, Ferrari and Exor have 48.7% of the votes. (Similar provisions apply to Fiat Chrysler Automobiles).

Even if a hostile takeover was attempted, Ferrari and the Agnellis could probably buy or rally enough additional votes to give them majority control not only of the legendary automaker. Ferrari was the top brand in 2014, dropping to ninth this year.

Bill Cawthon grew up in the auto industry in the 1950s. His Dad worked for Chrysler and Bill spent a number of Saturdays down on the plant floor at Dodge Main in Hamtramck. Bill is also the U.S. market correspondent for just-auto.com, a British auto industry publication, and a member of the Texas Auto Writers Association, which has named the Jeep Grand Cherokee the “SUV of Texas” several times and named the Ram 1500 as the “Truck of Texas” two years running.

Bill has owned five Plymouths (including the only 1962 “Texan”), one Dodge and one Chrysler and is still trying to figure out how to justify a Wrangler. He also has owned at least one of every 1:87 scale model of a Chrysler product. You can reach him directly at (206) 888-7324 or by using the form.


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