Exor, the holding company of Italy's Agnelli family, said on Wednesday it had kicked off the sale of a stake worth approximately 4% in Ferrari from which it expects to raise around 3 billion euros ($3.

Exor, the holding company of the Agnelli group, will sell approximately 7 million ordinary shares held in Ferrari, equal to approximately 4% of the Maranello-based company's ordinary shares, through an offer aimed at institutional investors,