Exor, the holding company of Italy's Agnelli family, raised about 3 billion euros ($3.14 billion) after selling a roughly 4% stake in Ferrari, it said on Thursday. In announcing the disposal late on Wednesday,

The Agnelli family sold a stake worth around €3 billion ($3.14 billion) in Ferrari NV, after the supercar maker’s value has risen more than 10 times since its initial public offering in the US.Most Read from BloombergThe Trump Administration Takes Aim at Transportation ResearchShelters Await Billions in Federal Money for Homelessness ProvidersNYC’s Congestion Pricing Pulls In $48.

Italy’s Agnelli family holding company, Exor, said it planned to sell a 4 per cent stake in luxury sports car group Ferrari to pursue new acquisitions and launch a share buyback. Exor ’s net asset value peaked at about €42bn last year with Ferrari contributing about half of the amount.

Exor, the holding company of Italy's Agnelli family, said on Wednesday it had kicked off the sale of a stake worth approximately 4% in Ferrari from which it expects to raise around 3 billion euros ($3.

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world Exor NV is offering a 4% stake in luxury carmaker Ferrari NV.

Exor, the holding company of the Agnelli group, will sell approximately 7 million ordinary shares held in Ferrari, equal to approximately 4% of the Maranello-based company's ordinary shares, through an offer aimed at institutional investors,