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By Giuseppe Fonte and Giulio Piovaccari
ROME/MILAN (Reuters) – Ferrari held talks with the Italian government to amend measures in Rome’s capital markets bill that would help the luxury sports carmaker bring its registered office back to Italy from the Netherlands, two sources told Reuters on Friday.
The law, which will have to be approved by parliament in February, allows index corporations to factor stocks that have the influence of long-standing investors.
The sources, who are close to the matter but asked not to be named, said Ferrari had been pushing for a special regime that would allow its largest shareholder, the Agnelli family circle that owns Exor, to retain the greater voting rights it has under the Dutch government. law, if the car manufacturer moves its headquarters to Italy.
Ferrari declined to comment.
Ferrari, one of Italy’s most prominent brands, moved its headquarters to the Netherlands in 2015, before the automaker parted ways with former parent company Fiat Chrysler and exited in early 2016.
It has always kept its fiscal base in Italy, with Milan as its main stock market.
Ferrari is just one of many giant Italian teams that have set up shop in the Netherlands over the years to reap the benefits of the country’s favorable legislation on loyalty percentages, which is helping major shareholders maintain a strict attitude about companies.
These include the Berlusconi family’s own Exor, Mediaset and Campari, while brake manufacturer Brembo is expected to complete the process in April.
In announcing the bill last year, the Italian Treasury proposed that the improved voting rights would only apply to companies planning an initial public offering (IPO), as it aimed to encourage company owners to participate in the stock market without worrying about wasting the company.
Still, the government and ruling parties have opted for a more competitive approach, extending to already indexed corporations the ability to factor percentages with up to 10 times the voting right into the “loyalty percentage program. “
Under current Italian regulations on loyalty and percentages, investors who have kept their percentages constant for at least 24 months gain advantages of double voting rights. Under the new bill, voting rights can be further accrued up to 10 percent, after a series of 12-month periods after the first 24-month period.
The proposed law also allows investors to factor the time they own shares while the company was legally headquartered abroad into the calculation of the total time needed to access enhanced voting rights in Italy.
Such provision would allow shareholders in Ferrari and other companies to immediately rely on enhanced voting rights, should they decide to relocate their businesses to Italy.
Exor owns a 24. 4% stake in Ferrari, with more than 36% of the rights to the company.
(Reporting by Giuseppe Fonte in Rome, Giulio Piovaccari in Milan; additional reporting by Alvise Armellini; editing by Emelia Sithole-Matarise)