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Shares sold at 450 euros each, Reuters calculations show

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Ferrari bought back 300 million euros of its own shares

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

(Recasts and adds detail to Feb 26 story after deal completion)

By Giulio Piovaccari

MILAN, Feb 27 (Reuters) - Exor, the holding

company of Italy's Agnelli family, raised about 3 billion euros

($3.14 billion) after selling a roughly 4% stake in Ferrari

, it said on Thursday.

In announcing the disposal late on Wednesday, Exor had said

the sale would reduce concentration in its investment portfolio

and provide ammunition for "a sizeable new acquisition when such

an opportunity presents itself".

The company will also use proceeds from the deal to fund a 1

billion euro buyback programme.

Separately on Thursday, Ferrari said it had spent about 300

million euros to buy nearly 667,000 of its own shares in the

transaction as part of its own buyback programme.

Exor has not disclosed the price at which banks JPMorgan ( JPM ) and

Goldman Sachs ( GS ) conducted the accelerated bookbuilding procedure,

but Reuters calculations on the available data indicate a price

of about 450 euro per share.

Ferrari shares were down 7% in early trading after closing

on Wednesday at 483 euros, near their record high.

Dutch-listed Exor shares were up 2.7%.

Ferrari accounts for about 50% of Exor's net asset value

(NAV).

After the share sale, which will be settled on March 3, Exor

will remain Ferrari's top investor with a 20% stake and 30% of

voting rights.

"Our commitment to remain (Ferrari's) largest shareholder

for the long term is stronger than ever," Exor CEO John Elkann

said in a statement.

Agnelli family member Elkann is also Ferrari chairman.

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%.

The majority of the proceeds from the stake placement will

be used for a single acquisition to broaden Exor's 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,

technology and media.

($1 = 0.9549 euros)

(Reporting by Giulio Piovaccari in Milan and Urvi Dugar in

Bengaluru

Editing by Valentina Za and David Goodman

)