The famous car brand Ferrari recently announced that it had purchased a total of 20,005 ordinary shares at an average unit price of 276.7006 euros, for a countervalue of 5,535,396.04 euros. The purchases were made on Euronext Milan (EXM) in the period between 5 and 9 June 2023.
These purchases are part of the €200 million share buyback programme, which was announced on 1 December 2022. The program in question represents the second tranche of a multi-year initiative which provides for the purchase of treasury shares for an total of around 2 billion euros, to be completed by 2026.
From the beginning of the second tranche until June 9, 2023, the total consideration invested in ordinary shares was equal to 147,839,025.11 euros for 617,183 shares purchased on the EXM and 39,900,360.48 USD for 153,056 shares purchased on the NYSE. These numbers demonstrate Ferrari’s commitment to pursuing the treasury share buyback program in order to increase shareholder value.