*

Launches accelerated bookbuilding procedure (ABB)

*

Ferrari to buy own shares in ABB for up to 300 mln euros

*

Exor will retain 20% stake, 30% voting rights in Ferrari

(Adds details, context in paragraphs 3-12)

By Giulio Piovaccari

MILAN, Feb 26 (Reuters) - 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

($3.15 billion).

Exor said the sale would reduce concentration in its

investment portfolio and give it ammunition for "a sizeable new

acquisition, when such an opportunity presents itself".

It will also use proceeds from the deal to fund a new 1

billion euro share buyback programme.

Ferrari, whose shares are close to an all-time high giving

the luxury sportscar maker a market value of around 85 billion

euros when excluding treasury shares, currently accounts for

around 50% of Exor's net asset value (NAV).

Following the sale, Exor will remain Ferrari's top investor

with a 20% stake and 30% of voting rights.

"Exor remains fully committed as a long-term shareholder

of Ferrari," it said in a statement.

The deal will not alter a shareholder agreement between

Exor and Piero Ferrari, the son of founder Enzo and Ferrari's

second largest investor. Exor and Piero Ferrari will retain

combined voting rights close to 50%.

To sell the stake, Exor has hired JPMorgan ( JPM ) and Goldman

Sachs ( GS ) to lead a share placement known as 'accelerated

bookbuilding' (ABB) procedure.

In a separate statement, Ferrari said it would invest up to

300 million euros in the ABB to buy back its own shares,

covering up to 10% of the amount Exor is offering.

Ferrari said it would conduct the purchases under its

current share buyback programme.

The majority of the proceeds from the stake placement, which

is expected to close early on Thursday, will be used for a

single acquisition to broaden Exor's current portfolio, a source

close to the company said.

Exor is the single largest shareholder in automaker

Stellantis ( STLA ) and Dutch group Philips. It

controls manufacturers Iveco ( IVCGF ) and CNH, as well

as Serie A soccer club Juventus.

It also has investments in healthcare, luxury goods,

tech and media. ($1 = 0.9529 euros)

(Reporting by Giulio Piovaccari and Urvi Dugar; Editing by

Valentina Za)