Exor renews Ferrari shareholder agreement with founder’s son

MILAN, Jan 3 (Reuters) – The Agnelli family investment company Exor and Ferrari founder’s son Piero Ferrari ‍have agreed to renew a shareholder agreement governing the Italian luxury sportscar maker, they said on Saturday.

A 10-year agreement, which expires on Sunday, ‌has been extended until ‌January 4, 2029, with an automatic renewal for three further years, unless terminated by the parties, Exor and Piero Ferrari ​said in a statement.

Based on the agreement, the parties ‍will work to ​coordinate their positions on matters ​to be resolved at Ferrari shareholder ‍meetings, and have reciprocal rights of first offer in the case of transfers of Ferrari shares.

Exor owns around a 20% stake ‍in Ferrari, while Piero Ferrari is the company’s second-largest investor with a 10.6% ‍stake.

Between them, ‍they hold more than ​48% of voting rights.

Exor ​CEO ⁠John Elkann, the scion ‌of the Agnelli family, is the chairman of Ferrari. Piero Ferrari is  vice chairman and a non-executive board member.

(Reporting by Giulio Piovaccari; Editing by ⁠Kirsten Donovan)