Ferrari shares turbo-charged by Soros stake announcement

GMT 17:18 2016 Wednesday ,17 February

Arab Today, arab today Ferrari shares turbo-charged by Soros stake announcement

US financier George Soros has acquired a $40m stake in Ferrari
Milan - AFP

Ferrari shares received a massive boost on the Milan stock exchange Wednesday after financier George Soros said he had acquired a stake in the luxury car maker.

Ferrari shares closed 10.4 percent higher at 34.45 euros.

In a statement filed with US Securities and Exchange Commission, Soros said his fund owned 850,000 Ferrari shares at the end of last year, representing 0.45 percent in the car maker and worth $40.8 million.

Legendary carmaker Ferrari completed its spinoff from Fiat Chrysler Automobiles with a debut on the Milan stock exchange in January, at 43 euros per share.

Investors have since dumped its shares after being spooked by its debt and disappointed with the 2016 outlook.

On Wall Street, where Ferrari has been listed since October, its shares were up 7.8 percent around 1630 GMT, at $38.43.


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