Agnelli family's to pay more than $1 billion for Italy tax claims

The billionaire Agnelli family's companies agreed to pay 949 million euros ($1.08 billion) to settle an investigation by the Italian Tax Agency.

Exor SpA, which controls Ferrari and is Stellantis' biggest shareholder, agreed to pay 746 million euros for so-called exit tax claims relating to its 2016 merger with its Dutch subsidiary, Exor Holding NV, according to a statement.

“The settlement agreement does not and should not be interpreted as a recognition, or even partial acceptance by Exor of the subsequent interpretations advanced by the Italian Tax Authorities,” the company said.

The statement added that Exor “remains convinced that it acted in accordance with the rules.”

Separately, the Giovanni Agnelli B.V. holding company agreed to pay 203 million euros relating to the same exit tax.

The Agnelli family holding owns 52 percent of Exor, according to Bloomberg data.