Ferrari heir sets up succession with trust for supercar firm stake

MILAN, Dec 20 (Reuters) – Piero Ferrari, son of founder Enzo and the second largest shareholder in Ferrari (RACE.MI), set up a family trust this month to manage his stake of around 10% in the Italian luxury sports carmaker, a U.S. regulatory filing showed.

The move outlines plans for succession in relation to the group’s shareholding structure.

Piero Ferrari’s daughter Antonella and his grandsons Enzo Mattioli Ferrari and Piero Galassi Ferrari have been appointed as the trust beneficiaries, the filing published late on Monday showed.

The trust represents “an instrument useful to preserve the unity” of Piero Ferrari’s current participatory interest in Ferrari, the filing said.

Piero Ferrari, 77, has transferred the “bare ownership” of its shares to the trust, whose value amounts to around 4 billion euros ($4.2 billion) at current prices. He will retain voting rights in the company, which exceed 15%.

The move does not affect a current consultation pact Piero Ferrari has with Ferrari’s largest investor Exor (EXOR.AS), the holding company of Italy’s Agnelli family.

Dutch-based Exor owns around 23% of Ferrari and around 35% of voting rights.

Both Ferrari and Exor declined to comment.

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Reporting by Giulio Piovaccari; editing by Valentina Za and Grant McCool