Exor strengthens his control su Philips, going up to 17,51% of the capital. The Agnelli family has progressively increased its stake in the Dutch group, which has recently focused its business on medical equipment and devices, abandoning consumer electronics and lighting.
While Philips saw its shares rise 1,18% on Wednesday following the news, today it recorded a loss of 0,5%.
Exor can rise to 20% of Philips
The Agnelli family holding has began its entry in the Dutch group Philips ad August 2023, initially acquiring 15% for around 2,6 billion euros, then increasing it to 16,1% in May. Now, according to the latest communications to the Security and Exchange Commission (SEC), Exor has further strengthened its position, acquiring 19,5 million shares for approximately 481 million euros, bringing the total investment to approximately 3,3 billion euros , currently valued at approximately 4,2 billion euros according to market prices.
Exor's entry was initiated through direct purchases on the market and a agreement with a major financial institution, as reported by Il Sole 24 Ore . This agreement included the appointment of an Exor representative to Philips' supervisory board, underlining the holding company's commitment as a long-term minority investor. Already in August 2023, under this agreement, Exor had obtained the right to increase its stake up to 20% of the ordinary working capital of Philips.
Roy Jacobs, CEO of Royal Philips, welcomed Exor's investment, “Its long-term perspective and growing focus on health and technology fit well with our strategy and significant value creation potential. We welcome Exor as a long-term investor in Philips, given its success and clear growth strategy in the health and technology sectors."
despite the legal challenges in the United States related to Respironics breathing devices, which saw Philips commit to an outlay of 1,1 billion dollars to resolve the disputes, Exor remains confident in the group's future.