FERRARI

Things are not going well in Ferrari's reign

A court in Turin, Italy, suspended on Tuesday, 6, an inheritance dispute process involving John Elkann, heir to the Agnelli family, and his mother, Margherita Agnelli, says Bloomberg. Elkann is chairman of Ferrari and Stellantis and CEO of the holding company Exor. Margherita is the last living daughter of Gianni Agnelli, an industrialist who was at the head of Fiat and Ferrari and was once the richest person in Italy, and Marella Agnelli, who died in 2019, aged 91.

According to Bloomberg, Margherita claims that the inheritance plans that took away her rights to the family business are not valid, as her mother Marella was a legal resident of Italy when she died, and not Switzerland, as documents stated - which could change the situation. of control of the business, because Italian law does not allow inheritance rights to be waived before a person's death.

Representatives for John Elkann and Margherita Agnelli declined Bloomberg's requests for comment.

The vehicle had access to a copy of the decision of the Turin court, which suspended the case at the request of the Elkann family while trials are ongoing in Switzerland, but rejected a request by Elkann to close the Italian process and transfer the case to Switzerland.

Bloomberg says the legal dispute could involve the Elkann brothers' Dicembre Societa Semplice, which controls investment management firm Giovanni Agnelli BV, which has a stake in Exor worth about $10.7 billion. Listed on the stock exchange, Exor is the parent company of Ferrari and CNH Industrial, as well as the largest investor in Stellantis, a group that brings together brands such as Fiat, Jeep, Peugeot and Citröen.

After her father's death in 2003, Margherita Agnelli sold her 37.5% stake in Dicembre Societa Semplice for around €105m, but wanted to annul the deal when Fiat's CEO at the time, Sergio Marchionne, took the company out of a crisis. She has been contesting her father's will for years, with allegations that only the three children of his first marriage, John, Lapo and Ginevra Elkann, were contemplated. She has five more children from her second marriage.

by Mundoquatrorodas