“Exor's future passes through its cash generation and to that - at the end of 2021 we have one billion euros - must be added proceeds from the sale of PartnerRe. It means that we will have 10 billion euros available in the first half of next year”. These are the numbers that John Elkann, president of Exor, communicated to journalists and analysts during the company's Investor Day, during which he took stock of the results obtained in the last two years by the holding and illustrated the programs for the next 2 years.
"We would like to use these resources for a 500 million euro buyback and to reduce the debt from 4,5 billion to 4 billion", specified the manager, explaining that therefore they will remain "9 billion euros to invest in the companies we already have to make them grow and in other companies”.
There are three sectors to keep an eye on in particular: healthcare, luxury and technology. However, he added, "we remain open to other industries and other geographies, when we can build great companies, with great people."
Elkann has shut down the rumors circulating about the possible acquisition of Armani, explaining that: “We have an excellent personal and professional relationship with Giorgio Armani as a person and as a company”. The number one of Exor added that the brand is not for sale, saying that "It is important that these rumors stop because they represent a lack of respect" towards a company like Armani.
After Armani, further denial has come on the speculations related to the possible sale of shares of the holding: “Today there is no plan on the part of Giovanni Agnelli to imagine selling significant shares of Exor. Multiple voting rights are a right of all shareholders and this is one of the advantages of creating incentives for long-term shareholders in the Netherlands, and this is also valid for other Dutch companies that Exor owns. It is a fact of all shareholders, to encourage the long-term shareholding which is in our way of operating».
Exor's number one also addressed the "Juventus theme”, reiterating that the company is collaborating in the investigations and “is confident that light will be shed on all the aspects investigated. I am confident in the work of the judiciary", he said, recalling that Juve "has a new board of directors, a new managing director, a new sports director, a new coach who with the president and the vice president are tackling the problems on the pitch is out". “I am convinced – he reiterated – that its future is just as important as its past, it is a great company and there are every intention for it to remain so”.
Finally, the manager confirmed Exor's commitment as a shareholder in Cnh Industrial and the company to be spun off Iveco Group, underlining that both companies 'will remain important to us, with important prospects as independent companies'. And today important news has arrived from Cnh. The company led by Scoot Wine has in fact completed the acquisition of Raven Industries, US company specializing in precision agriculture technologies, high-performance specialty films and solutions for aeronautics and defense. The transaction, announced last June, took place at a price equal to 58 dollars per share, with an enterprise value of 2,1 billion dollars, for 100% of Raven.
According to the company's announced intentions, in-house products with fully integrated Raven precision farming systems will be available as early as 2022. Raven is a true pioneer in precision agriculture and its technology is the perfect strategic answer that will differentiate us from our competitors and significantly improve our competitive position”, commented Wine, underlining that the acquisition “will add strong innovative capabilities to accelerate our precision and digital strategy”.
But of these 9 billion to invest, dear Elkann, why don't you allocate a small part (let's say 3% equal to € 270 million) to Juventus, so that we can make the whole of Italy gnaw for another 9 years????