MILAN (Reuters) – Luxury sports carmaker Ferrari has no plans to transfer its registered office from the Netherlands at the moment, a spokesperson for the company said on Wednesday.
Earlier on Wednesday, Il Corriere della Sera daily reported that Ferrari and its parent Exor, the holding group of the Agnelli family, were considering bringing the company’s legal headquarters back to Italy.
Italy’s parliament is currently discussing new capital market legislation allowing listed groups to issue shares that give key investors up to 10 times voting rights, cementing their grip on companies.
This initiative was at the base of Ferrari’s thoughts, Il Corriere della Sera said.
Ferrari, one of the most famous Italian brands, moved its registered office to the Netherlands in 2015, before the carmaker was spun-off from former parent Fiat Chrysler and separately listed at the beginning of 2016.
The move was aimed at taking advantage of Dutch legislation on corporate governance and loyalty shares.
Ferrari, which is due to report quarterly financial results on Thursday, has however always maintained its fiscal and operative bases in its home country.
Exor owns around 23% of Ferrari shares, with around 35% of voting rights. It has a consultation pact with second largest investor Piero Ferrari, the son of founder Enzo, who controls over 15% of voting rights in the company through a trust.
Several major Italian companies have established in the Netherlands over years to enjoy the benefits of the country’s favourable loyalty share legislation.
They include Exor itself, the Berlusconi family’s Mediaset and Campari, while brake maker Brembo is in the process of moving.
(Reporting by Giulio Piovaccari, editing by Federico Maccioni and Keith Weir)
