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Ferrari buys back €12.3M of common stock

Ferrari NV said Aug. 26 that it repurchased about €12.3 million worth of shares under its plan to buy back €1.5 billion of common stock by 2022.

The Italian luxury carmaker acquired 87,950 common shares listed on the Italian Stock Exchange from Aug. 19 to Aug. 23 for an average price of €140.07 each.

The transaction is part of the second tranche of Ferrari's share repurchase program, which started July 1. The company has so far repurchased about €69.3 million of stock in the second tranche.