The renewed inheritance battle at the heart of Ferrari and Stellantis
Italy’s most influential business dynasty is once again divided by a confrontation over Gianni Agnelli’s legacy. The Agnelli family, which controls the holding company Exor and through it stakes in Ferrari and Stellantis, has found itself embroiled in a high-stakes dispute that blends family heritage with corporate governance.
The documents that fuel the dispute
According to Reuters, a handwritten note dated January 20, 1998 and bearing Gianni Agnelli’s signature is at the center of the new challenge. The note reportedly specifies that about 25% of the Dicembre holding company should pass to Gianni’s son Edoardo. Edoardo died in 2000, long after the note was written. Earlier, a 1996 document is alleged to have earmarked the same stake for Gianni’s grandson John Elkann. When Gianni Agnelli’s will was opened in 2003, the 1996 document was the one presented, leaving the 1998 note in question and its authenticity disputed.
What the 1998 note claims
Proponents of the 1998 document argue that it reflects Gianni Agnelli’s true intentions for the Dicembre stake, a holding that wields significant influence due to its voting rights within the family’s corporate umbrella. The note’s prominence escalates because Edoardo’s death created a vacuum that the later documents—if valid—could fill in a way that alters control dynamics among Gianni’s descendants.
Why the dispute has deepened
Margaret(a) Agnelli, Gianni’s daughter from his first wife, contends that the 1998 note is authentic and that the stake should belong not only to her branch but also to the children from Gianni’s second marriage. She has already asserted a substantial share of the family fortune—roughly 1.2 billion euros—but now argues for an expanded distribution that would reshape who holds power in Dicembre and, by extension, in Ferrari and Stellantis.
John Elkann’s position
John Elkann’s legal team argues that the 1998 document is not valid for governance purposes, asserting that the 2004 settlement agreements govern the estate. Since those arrangements, Elkann has served as chairman of Ferrari and later assumed a leading role at Stellantis, underscoring how the dispute ties directly to the balance of leadership in two of the world’s most storied automotive brands.
The new twist and what comes next
The 1998 document’s emergence came amid a separate Turin prosecutor’s tax-evasion investigation. In a related development, Elkann agreed to one year of community service as part of that inquiry. The dispute is therefore not only about money but about who sits on the steering chairs of Ferrari and Stellantis—and how the Agnelli family’s governance will evolve at a time of intense global competition in the auto industry.
Historical context: The Agnelli dynasty and Fiat’s legacy
Giovanni Agnelli, known as the patriarch of Italy’s industrial age, co-founded FIAT and built an empire that later evolved into Exor, the family’s investment vehicle. Exor holds a significant influence across Ferrari’s parent structure and has a meaningful stake in Stellantis. The succession debate has long been part of the Agnelli story, shaping decisions that reverberate beyond the family into the broader European auto sector.
Ferrari’s and Stellantis’ ownership landscape
Today, Exor owns roughly 24.65% of Ferrari’s equity but about 36.48% of the voting rights. Piero Ferrari, Enzo Ferrari’s son, owns around 10.48% of equity and about 15.5% of voting rights. The remainder sits with public investors. This arrangement highlights a core feature of the Agnelli-era empire: control is often exercised through voting power rather than pure equity, making legal documents and succession plans pivotal to corporate direction.
What could this mean for the auto giants?
Any shift in control within Exor-linked entities could influence strategic choices for Ferrari’s racing and road-car ambitions and for Stellantis’ broader portfolio. The outcome of the inheritance dispute may affect governance, longevity of family influence, and the tension between dynastic leadership and market-driven governance. As the world watches, the Agnelli saga continues to be a bellwether for family businesses navigating wealth, legacy, and the high-stakes arena of global automotive leadership.
