Ferrari NV Faces Stock Market Turbulence

In a surprising turn of events, Ferrari NV's stock experienced a sharp 7% decline this Thursday. This downturn came on the heels of Exor NV, a significant stakeholder in Ferrari, revealing plans to offload around 7 million shares. This sale represents a 4% stake in the luxury car manufacturer's total shares.

The transaction, valued at a staggering €3 billion, is part of an 'accelerated bookbuild offering' and is set to finalize on March 3, 2025. Despite Exor's continued dominance as Ferrari's largest shareholder, holding 20% of the economic rights and 30% of the voting rights, the announcement has sparked unease among investors. Concerns are mounting over potential alterations to the company's ownership framework. In response, Exor has pledged a 360-day lock-up period for its remaining shares, aiming to quell fears.

By 10:14 am CET, Ferrari's stock had plummeted by 7.74%, trading at €445.70 per share, reflecting the market's reaction to the news.