Ferrari boss in inheritance drama against his mother Agnelli

The court in Turin is expected to make a decision in the coming weeks regarding the inheritance dispute within the Agnelli family, founders of the Italian car company Fiat and arguably the most famous business dynasty in Italy. This dispute is related to the inheritance of Gianni Agnelli, the renowned head of Fiat, who became a symbol of Italy's economic boom after the war and passed away two decades ago.

In it, the daughter of Agnelli, Margarita, who inherited 1.2 billion euros (1.3 billion dollars), competes against three of her eight children, including her eldest son John Elkann, the chairman of Ferrari and the automaker Stellantis. In a dispute that has divided one of Italy's elite families, Margarita is fighting to annul the agreements she signed after her father's death in order to ultimately secure the well-being of her five children from her second marriage, sources close to her report.

If the court in Turin rules in her favor, Margarita, who is 67 years old and the only surviving daughter of Gianni Agnelli, will be able to claim half of her late mother's inheritance and a share in the Elkann family business.

The dispute has its roots in a inheritance deal known as the "Geneva Agreements," which Margarita, an artist and philanthropist, signed in 2004 after her father's death during a time when Fiat was on the brink of bankruptcy.

Under the first agreement, Margarita received property, works of art, and other liquid assets from Gianni's inheritance and waived any future influence in the Dicembre company, a key part of the ownership structure of Exor, the Agnelli family's holding company.

These agreements solidified John Elkann's position as the chosen successor to Gianni Agnelli and practically excluded his mother, Margherita, from the equation. Now 47 years old, John Elkann heads Exor, which owns stakes in prestigious businesses and brands, including national newspapers and the Juventus football club.

The second agreement concerned what would happen to the inheritance of Margarita Marella's mother, who passed away in 2019 at the age of 91. Marella bequeathed her share in Dicembre to her three grandchildren - John, his brother Lapo, and sister Ginevra, from Margarita's first marriage to journalist Alain Elkann.

According to sources close to Margarita, she wants the agreements to be annulled so that her children from her second husband, Serge de Palena, the former CEO of Fiat, can also receive a share of their grandmother's inheritance. Margarita also claims that undisclosed assets were discovered after her father's death and that she is entitled to her share along with other family members.

The source on Margarita's side rejects the assumptions that the initial agreement covered the possibility of discovering additional hidden assets from the inheritance of Gianni Agnelli.

The death of Marella has prompted a legal lawsuit, which is the central issue of a case opened three years ago in Turin, where Fiat and the traditional base of the Agnelli clan are located. This is the latest in a series of inheritance trials taking place between Switzerland and Italy over the past 15 years.

Marguerita's lawyers in Turin claim that the "Geneva agreements" should be declared invalid because they were signed on the basis that Marella was a resident of Switzerland, which they dispute.

Documents submitted by Margarita's lawyers to the Turin court, which were reviewed by Reuters and include reports from private detectives, claim that from 2003 to 2019, Marella never spent more than four months a year in Switzerland and could not be considered a resident of Switzerland. Sources close to the Elkann camp assert that both Swiss and Italian authorities confirmed Marella Agnelli's status as a resident of Switzerland when she died in 2019 and also in 2004 when the inheritance agreement was signed.

After Marella's death, John Elkann received a 60% stake in the Dicembre holding, while his brother Lapo and sister Ginevra each received 20%. Dicembre is the foundation of a network of companies that encompass the vast investments of the Agnelli family.

He is the largest shareholder with a 38% stake in Giovanni Agnelli BV, which brings together about 100 shareholders representing around 200 living descendants of Fiat's founder Giovanni Agnelli. Giovanni Agnelli BV, in turn, owns a controlling stake of 53% in Exor, which holds shares in Stellantis, Ferrari, and Juventus.

Sources close to Elkann claim that there are no legal consequences that could alter the share transfer in December by Elkann. They believe that Margarita's claims are aimed at obtaining an undeserved financial advantage.

A preliminary decision is expected in Turin before the summer break, but this may not be the end of the story that led to Margarita's estrangement from her first three children. Italian judges may postpone their decision while awaiting a ruling from the Swiss court in a parallel case regarding the legality of the "Geneva Agreements."