Ferrari has no current plans to move registered office from the Netherlands
Reuters
Published Nov 01, 2023 09:53AM ET
Updated Nov 01, 2023 10:21AM ET
MILAN (Reuters) - Luxury sports carmaker Ferrari (NYSE:RACE) has no plans to transfer its registered office from the Netherlands at the moment, a spokesperson for the company said on Wednesday.
Earlier on Wednesday, Il Corriere della Sera daily reported that Ferrari and its parent Exor (AS:EXOR), the holding group of the Agnelli family, were considering bringing the company's legal headquarters back to Italy.
Italy's parliament is currently discussing new capital market legislation allowing listed groups to issue shares that give key investors up to 10 times voting rights, cementing their grip on companies.
This initiative was at the base of Ferrari's thoughts, Il Corriere della Sera said.
Ferrari, one of the most famous Italian brands, moved its registered office to the Netherlands in 2015, before the carmaker was spun-off from former parent Fiat Chrysler and separately listed at the beginning of 2016.
The move was aimed at taking advantage of Dutch legislation on corporate governance and loyalty shares.
Ferrari, which is due to report quarterly financial results on Thursday, has however always maintained its fiscal and operative bases in its home country.
Exor owns around 23% of Ferrari shares, with around 35% of voting rights. It has a consultation pact with second largest investor Piero Ferrari, the son of founder Enzo, who controls over 15% of voting rights in the company through a trust.
Several major Italian companies have established in the Netherlands over years to enjoy the benefits of the country's favourable loyalty share legislation.
They include Exor itself, the Berlusconi family's Mediaset (OTC:MDIUY) and Campari (LON:0ROY), while brake maker Brembo is in the process of moving.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.