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Ferrari buys back €11.4M additional common shares

Ferrari NV said May 27 that it repurchased approximately €11.4 million worth of common shares under its share buyback program announced in December 2018.

From May 20 to May 24, the Italian luxury carmaker bought back 38,372 common shares from the Italian Stock Exchange for a total consideration price of €4.9 million, excluding fees. It also repurchased 50,620 shares from the New York Stock Exchange during the same period for a total consideration of $7.2 million, or €6.5 million, excluding fees.

The average price for the shares bought back in Milan was €127.40, while the average price for the shares repurchased in New York was $142.98. When combined and converted, the average price for the shares repurchased from both the Italian Stock Exchange and the NYSE is €127.77.

The latest buyback follows the €2.84 million worth of shares repurchased a week prior.

To date, Ferrari has redeemed €77.8 million worth of common shares in Milan and $7.2 million common shares in New York under its share repurchase program to buy back €1.5 billion of its common stock by 2022.