Exor plans to sell a stake of about 4% in the Italian luxury sports-car maker, in a bid to pursue a sizeable acquisition and launch a share buyback.

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.

The Agnelli family sold a €3 billion ($3.14 billion) stake in Ferrari NV to fund what it calls a “sizeable new acquisition” and stock buyback.