Exor announces the sale of a 4% share in Ferrari, which will generate 3 billion euros. In a surprising move that disrupted the market, the Agnelli family's holding firm declared its intention to sell about 7 million ordinary shares of Ferrari N.V. through an accelerated bookbuild offer targeted at institutional buyers. Exor presently holds 24.84% of Ferrari, which equates to 36.69% of voting rights. Following the sale of the securities, the Agnelli family's company will own 20.8% of Ferrari's capital and 30% of its voting rights. A major portion of the 3 billion cheque that will be cashed from the sale of Ferrari shares has already been "committed". The company, in fact, "intends to use part of the proceeds of the transaction for the launch of a new 1-billion-euro buyback program", according to a statement. The remaining 2 billion euros will be used to make fresh acquisitions and, most importantly, to diversify the portfolio.