MILAN, May 19 (Reuters) – A court in Turin will rule in the coming weeks over an inheritance dispute that bisects the Agnelli family, founders of the Fiat car company and perhaps the best-known of Italian businessmen. Judgment is due.
The incident is emblematic of Italy’s post-war economic boom and stems from the legacy of the famous Fiat boss Gianni Agnelli, who died 20 years ago.
Three of eight children, including Agnelli’s daughter Margherita, who inherited €1.2 billion ($1.3 billion), and John Elkann, chairman of Ferrari (RACE.MI) and carmaker Stellantis (STLAM.MI). people fight
In a conflict that has torn one of Italy’s elite families apart, Margherita is fighting to overturn a pact signed after her father’s death to ultimately benefit her five children through remarriage. Said a person close to Margherita.
Margherita, 67 and the sole survivor of Gianni Agnelli, could claim half of her late mother’s fortune and a stake in the Elkann family business if a court in Turin rules in her favor. There is
The ‘Geneva Accords’ at the heart of the dispute
The controversy stems from the inheritance known as the “Geneva Accords,” which the artist and philanthropist Margherita signed in 2004 after her father’s death the year before and agreed when Fiat was on the brink of bankruptcy. It starts with an agreement.
Under the initial agreement, Margherita will receive property, works of art and other liquid assets from Gianni’s estate, as well as dissemble (December), an important part of the ownership structure of Exor, the Agnelli family holding, to the company in the future. renounced the influence of
The agreement strengthened John Elkann’s position as Gianni Agnelli’s chosen successor, effectively removing his mother Margherita from the equation.
John Elkann, 47, now heads Exor, which owns some of the top companies and brands, including the national newspaper and football club Juventus (JUVE.MI).
The second deal dealt with what happened to Margherita’s mother, Marella, who died in 2019 at the age of 91.
From Margherita’s first marriage to journalist Alain Elkann, Marella passed Disembre shares to her three grandchildren, John, her brother Lapo and sister Ginevra.
According to a person close to Margherita, Margherita will be able to give part of her grandmother’s estate to her children with her second husband, Serge de Palen, a French-Russian former Fiat executive. said he wanted to cancel the agreement.
Margherita also claims her father’s undeclared property was discovered after his death and that she is entitled to a share of it along with other family members.
Margherita’s sources denied that the original settlement included the possibility that more hidden assets could be found at Gianni Agnelli’s estate.
Legal claims in Switzerland or Italy?
Marella’s death sparked legal claims at the heart of a lawsuit that began three years ago in Turin, home of Fiat and traditional stronghold of the Agnelli family.
The case is the latest in a series of succession legal battles between Switzerland and Italy over the past 15 years.
Margherita’s lawyers in Turin have disputed a claim that the “Geneva Convention” should be declared invalid because it was signed on the basis that Marella’s residence was in Switzerland. . Italian law prohibits such inheritance agreements.
Documents submitted by Margherita’s lawyer to the Turin court, reviewed by Reuters and including private investigators’ reports, show that Marella never stayed in Switzerland for more than four months a year between 2003 and 2019. , argues that he should not have qualified as a Swiss resident. .
Sources close to Erkann’s campaign say Swiss and Italian authorities confirmed Marella Agnelli’s Swiss resident status when she died in 2019 and in 2004, when the inheritance deal was signed. claims to have done so.
Margherita’s sources dispute that interpretation.
Shares in family companies
Since Marella’s death, John Elkann has owned 60% of Disembl’s shares, while his brother Rapo and sister Ginevra each own 20%. DISEMBLE is at the heart of a network of companies spanning the Agnelli family’s vast investments.
The company is the largest shareholder of Giovanni Agnelli BV with a 38% stake and is made up of approximately 100 shareholders representing approximately 200 living descendants of former Fiat founder Giovanni Agnelli.
Meanwhile, Giovanni Agnelli BV holds a 53% controlling interest in listed Exor, which owns shares in Stellatis, Ferrari and Juventus.
Sources close to the Elkanns argue that there is no legal conclusion to reverse the transfer of the shares to the Elkanns. Margherita’s allegations are aimed at further unfair economic gain.
A verdict is due in Turin before the summer holidays, but that may not be the end of the affair scandal that estranged Margherita from her first three children.
Italian judges have the option to withhold judgment pending a decision from a Swiss court in a parallel lawsuit over the legality of the Geneva Conventions. (1 dollar = 0.9084 euro)
Reported by Emilio Parodi and Giulio Piovaccari Written by Keith Weir, Edited by Elaine Hardcastle
Our criteria: Thomson Reuters Trust Principles.
