Latest news with #PieroFerrari
Top Gear
2 days ago
- Automotive
- Top Gear
Is Ferrari's lighter, more powerful 296 Speciale a hit or a miss?
Is Ferrari's lighter, more powerful 296 Speciale a hit or a miss? Give us your hottest of hot takes on this special Speciale Skip 4 photos in the image carousel and continue reading Turn on Javascript to see all the available pictures. 1 / 4 Vijay Pattni: 'The turbo V6 is now even more powerful' Piero Ferrari – son of Enzo – once spoke about being mindful of the responsibility that comes with the family name. Which means this new 296 carries the whole weight of Maranello on its shoulders. Speciale. Just sounds... proper. Should sound proper too, because the turbocharged V6 – nicknamed 'piccolo V12' – is now even more powerful. Not that anyone ever asked for more power from the 296, but it's got a big name to fill – 880bhp should do it. As should the lightweighting. Advertisement - Page continues below If it's anything like that glorious 458, this should be molto Speciale indeed. Jack Rix: 'I was beside myself with admiration for Ferrari' A few months back I heard a rumour. I shan't disclose which little birdie told me, but the news was off the scale exciting. The forthcoming lighter, faster, more speciale 296 would ditch the hybrid system and rely solely on its twin turbo V6 to bring genuine, unfiltered supercar thrills to the fore. It would have less power than the standard model, but be lighter and so quicker and nimbler – I was beside myself with admiration for Ferrari for taking such a drastic approach to weight loss. Sadly, my birdie is a baddie and the formula is crushingly familiar. It will be sensational to drive, I have no doubt, but I'll always be pining for the entirely made up 296 extra speciale that never was. Advertisement - Page continues below Top Gear Newsletter Thank you for subscribing to our newsletter. Look out for your regular round-up of news, reviews and offers in your inbox. Get all the latest news, reviews and exclusives, direct to your inbox. Success Your Email*
Yahoo
28-02-2025
- Automotive
- Yahoo
Agnellis cut Ferrari stake to raise 3 billion euros for new deals
By Giulio Piovaccari MILAN (Reuters) -Italy's Agnelli family cut its controlling stake in Ferrari by around 4%, raising about 3 billion euros ($3.14 billion) to fund potential new M&A deals, its holding company Exor said on Thursday. The sale will help Exor reduce concentration in its investment portfolio and provide ammunition for "a sizeable new acquisition when such an opportunity presents itself", the company said late on Wednesday launching the disposal. It will also use proceeds from the deal to fund a 1 billion euro buyback programme. The majority of the proceeds of the placement will be used for a single acquisition to add to Exor's portfolio, a source close to the company said. Exor sold the Ferrari shares at a price of 450 euros each - in a so called accelerated bookbuilding procedure, which was conducted by banks JPMorgan and Goldman Sachs - one of the bookrunners said on Thursday. Exor has not disclosed the price. Separately on Thursday, Ferrari said it had spent about 300 million euros to buy nearly 667,000 of its own shares in the transaction as part of its own buyback programme. Ferrari's Milan-listed shares were down 8.1% by 1245 GMT at 444 euros, after closing on Wednesday at 483 euros, near their record high hit earlier this month. Dutch-listed Exor shares reversed early gains and fell 1.9%. Ferrari accounts for about 50% of Exor's net asset value (NAV). After the share sale, which will be settled on March 3, Exor will remain Ferrari's top investor with a 20% stake and 30% of voting rights. "Our commitment to remain (Ferrari's) largest shareholder for the long term is stronger than ever," Exor CEO John Elkann said in a statement. Agnelli family member Elkann is also Ferrari chairman. The deal will not alter a shareholder agreement between Exor and Piero Ferrari, the son of founder Enzo and Ferrari's second largest investor. Exor and Piero Ferrari will retain combined voting rights close to 50%. Exor is the single largest shareholder in automaker Stellantis and Dutch group Philips. It controls manufacturers Iveco and CNH, as well as Serie A soccer club Juventus. It also has investments in healthcare, luxury goods, technology and media. ($1 = 0.9549 euros)
Reuters
27-02-2025
- Automotive
- Reuters
Exor sells 4% of Ferrari for 3 billion euros as it plans new acquisition
MILAN, Feb 27 (Reuters) - Exor ( opens new tab, the holding company of Italy's Agnelli family, raised about 3 billion euros ($3.14 billion) after selling a roughly 4% stake in Ferrari ( opens new tab, it said on Thursday. In announcing the disposal late on Wednesday, Exor had said the sale would reduce concentration in its investment portfolio and provide ammunition for "a sizeable new acquisition when such an opportunity presents itself". The company will also use proceeds from the deal to fund a 1 billion euro buyback programme. Separately on Thursday, Ferrari said it had spent about 300 million euros to buy nearly 667,000 of its own shares in the transaction as part of its own buyback programme. Exor has not disclosed the price at which banks JPMorgan and Goldman Sachs conducted the accelerated bookbuilding procedure, but Reuters calculations on the available data indicate a price of about 450 euro per share. Ferrari shares were down 7% in early trading after closing on Wednesday at 483 euros, near their record high. Dutch-listed Exor shares were up 2.7%. Ferrari accounts for about 50% of Exor's net asset value (NAV). After the share sale, which will be settled on March 3, Exor will remain Ferrari's top investor with a 20% stake and 30% of voting rights. "Our commitment to remain (Ferrari's) largest shareholder for the long term is stronger than ever," Exor CEO John Elkann said in a statement. Agnelli family member Elkann is also Ferrari chairman. The deal will not alter a shareholder agreement between Exor and Piero Ferrari, the son of founder Enzo and Ferrari's second largest investor. Exor and Piero Ferrari will retain combined voting rights close to 50%. The majority of the proceeds from the stake placement will be used for a single acquisition to broaden Exor's portfolio, a source close to the company said. Exor is the single largest shareholder in automaker Stellantis and Dutch group Philips ( opens new tab. It controls manufacturers Iveco ( opens new tab and CNH (CNH.N), opens new tab, as well as Serie A soccer club Juventus ( opens new tab. It also has investments in healthcare, luxury goods, technology and media. ($1 = 0.9549 euros)
