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Ferrari Dismisses Reports of Headquarters Relocation to Italy

Ferrari Dismisses Reports of Headquarters Relocation to Italy

Luxury sports car manufacturer Ferrari has clarified that it currently has no intentions to relocate its registered office from the Netherlands, a spokesperson for the company announced on Wednesday. The statement came in response to earlier reports suggesting that Ferrari, along with its parent company Exor, was contemplating the prospect of shifting the legal headquarters back to Italy.

The reports, published by Il Corriere della Sera, indicated that Ferrari and Exor were exploring the possibility of returning the company's legal headquarters to Italy in light of discussions in the Italian parliament regarding new capital market legislation. This legislation would enable listed groups to issue shares granting key investors up to 10 times voting rights, thus strengthening their control over these companies. Ferrari's purported considerations were reportedly linked to this legislative initiative.

In 2015, Ferrari, one of Italy's most iconic brands, relocated its registered office to the Netherlands, a move that took place before the carmaker's separation from its former parent company, Fiat Chrysler. The official separation was accomplished in early 2016 when Ferrari was separately listed.

The decision to establish the registered office in the Netherlands was primarily driven by the desire to leverage Dutch corporate governance and loyalty share legislation. Despite this relocation, Ferrari has consistently maintained its fiscal and operational bases within Italy.

Exor, the holding group of the Agnelli family, holds approximately 23% of Ferrari shares and has a considerable voting influence, amounting to around 35% of voting rights. Exor has a consultation agreement with the second-largest investor, Piero Ferrari, the son of Ferrari's founder, Enzo. Through a trust, Piero Ferrari controls over 15% of the voting rights in the company.

Over the years, numerous major Italian companies have chosen to establish themselves in the Netherlands to take advantage of the country's favorable loyalty share legislation. This includes Exor, Mediaset, and Campari, among others. Brake manufacturer Brembo is also in the process of moving its headquarters.

Ferrari's firm stance on its current registered office location reflects its commitment to existing operational structures and governance mechanisms, which have contributed to its ongoing success and global reputation. The company is set to report its quarterly financial results on Thursday, reaffirming its strong position in the luxury sports car market.

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