Ferrari NV Faces Stock Market Turbulence

In a surprising turn of events, Ferrari NV's stock experienced a significant drop of 7% this Thursday. This downturn came right after Exor NV, a major stakeholder in Ferrari, announced the sale of approximately 7 million shares, which constitutes about 4% of Ferrari's total shares.

Details of the €3 Billion Transaction

The transaction, valued at a staggering €3 billion, is part of what is known as an "accelerated bookbuild offering." The settlement for this significant sale is scheduled for March 3, 2025. Despite Exor's continued position as Ferrari's largest shareholder, holding 20% of the economic rights and 30% of the voting rights, this move has sparked concerns among investors about potential changes in the company's ownership landscape.

Market Reaction and Future Implications

Following the announcement, Ferrari's stock price took a hit, decreasing by 7.74% to €445.70 per share by 10:14 am CET. Exor has also committed to a 360-day lock-up period for its remaining shares, a move that might be aimed at stabilizing the market's reaction to the sale. The long-term implications of this sale on Ferrari's ownership structure and stock market performance remain to be seen.