The day has come debut of Exor on the Amsterdam Stock Exchange. The shares of the Agnelli-Elkann family holding gain 1,15% at 66,88 euros in Milan and 1,33% at 67 euros on the Dutch list.
The landing of Exor on the Amsterdam Stock Exchange
At the end of July Exor had announced the intention to list in the Netherlands to "align the company's Stock Exchange with its legal Dutch holding structure" and the consequent future farewell to Piazza Affari. Not surprisingly, just today, Exor has formalized the request for delisting from the Milanese list. For the exit, according to the Italian Stock Exchange regulation, it will be necessary wait about 45 days from the request submitted by the company. For over a month, therefore, the securities will remain listed on both lists. Then, Exor will become yet another big name to leave Piazza Affari after Autogrill, Cerved, Luxottica, etc.
“Exor is a nice addition to the roster of investment firms listed in Amsterdam and Belgium,” commented Jean-Paul van Oudheusden, Dutch market analyst at eToro.
Exor, the goal is to enter the Aex
After the debut, Exor's goal is now to enter Aex, the index which houses the 25 largest and most actively traded stocks on Euronext Amsterdam and which is the most widely used indicator of the Dutch stock market. But we will have to wait a few months. Euronext Amsterdam's main indices (AEX, AMX and AScX) are reviewed on a quarterly basis. The earliest time Exor may be considered for inclusion in one of these indices will be during the December 2022 quarterly review.
According to data from the Amsterdam Stock Exchange itself, as of June 30, 2022, the Aex index had a total capitalization of 1.038 billion euros, with a free float of 894 billion euros. There average capitalization was 41,1 billion euros and the median one of 18,9 billion euros. Four stars on the list: Unilever (which weighs 15% of the entire index), ASML and Shell (14% each) and Prosus (8%).
Exor currently has a market capitalization in excess of $15 billion euros, with the Agnelli family expected to maintain a controlling stake of 52%. “The percentage of freely tradable shares will be at most 44% – comments Jean-Paul van Oudheusden, Dutch market analyst at eToro – But even in this case, the market value that counts for a possible inclusion in the AEX index is currently more larger than that of BE Semiconductor Industries, Signify and Just Eat Takeaway. To get a place in the AEX index, Exor must meet a number of conditions.
