Exor renews Ferrari shareholder agreement with founder's son

Formula One F1 - Italian Grand Prix - Autodromo Nazionale Monza, Monza, Italy - September 11, 2022 Piero Ferrari before the race REUTERS/Jennifer Lorenzini

MILAN, Jan 3 (Reuters) - ‌The Agnellifamily investment company Exor and ‌Ferrari founder's son Piero Ferrari have ‌agreed to renew a shareholder agreement governing the Italian luxury sportscar maker, they said on Saturday.

A ‍10-year agreement, which expires on ‍Sunday, has been ‌extended until January 4, 2029, with an automatic ‍renewal ​for three further years, unless terminated by the parties, Exor ⁠and Piero Ferrari said in a statement.

Based ‌on the agreement, the parties will work to ⁠coordinate ‍their positions on matters to be resolved at Ferrari shareholder meetings, and have reciprocal ‍rights of first offer in ‌the case of transfers of Ferrari shares.

Exor owns around a 20% stake in Ferrari, while Piero Ferrari is the company's second-largest investor with a 10.6% stake.

Between them, they hold more than 48% of voting rights.

Exor ‌CEO John Elkann, the scion of the Agnelli family, is the chairman of Ferrari. Piero ​Ferrari is vice chairman and a non-executive board member.

(Reporting by Giulio Piovaccari; Editing by Kirsten Donovan)