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John Elkann, the chairman of Ferrari and Stellantis’ board of directors, is in a new legal dispute with his mother following the presentation of an alleged amendment to his late father’s will by her attorneys on Monday.
The note presented during the hearing in Turin, as reported by Reuters, could lead to inquiries about the ownership of the holding company linked to the investment firm of the Agnelli family, headed by Elkann, that oversees Ferrari and is the top investor in Stellantis, Exor.
Dicembre, the holding company, is currently owned by Margherita Agnelli’s three children from her first marriage: Elkan, Lapo, and Ginevra. There has been a long-standing inheritance dispute between the matriarch and her children regarding the succession of Gianni since his death in 2003.
Lawyers deliver a written statement.
The handwritten note dated January 20, 1998, was provided by the lawyers and made available to Reuters journalists.
Gianni Agnelli’s signed note indicates that his 25% ownership in Dicembre should be credited to his late son Edoardo, who passed away in 2000. This transfer contradicted a separate 1996 document that designated the ownership to his grandson John Elkann, which was not fulfilled.
The heirs only had details about the 1996 document when the will was unveiled in February 2003, as stated by Margheritta’s attorneys.
Marella Caracciolo, Gianni’s widow and Elkan’s grandmother, contributed a 25.37% share in the company to Elkann, granting him the controlling interest.
Margherita’s attorneys argue that she and Marella were supposed to remain with Edoardo’s portion of Dicembre.
Margherita received an inheritance of €1.2 billion from Gianni’s death but is seeking a bigger portion of the estate for his five children from his second marriage.
The Agnelli inheritance administration was set up through a settlement agreement in February 2004, leading to Margherita’s permanent withdrawal from Dicembre’s capital, as stated by Elkann lawyers.
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