Exor, the holding company of the Agnelli group, closed the first nine months of the year with growing consolidated profit of 233,2 million euros, to 844,2 million (+38%). The results were approved by the Board of Directors, chaired by John Elkann, which met in Turin. The transfer of the headquarters to the Netherlands will be completed by the end of December. As of September 30th the value of assets (Nav) exceeds $12 billion, down 9,6% from December 31, 2015.
In third quarter 2016 consolidated profit amounted to 413,9 million, with a positive change of 22,2 million compared to the same period of 2015. The balance of the consolidated net financial position of the Holding System was negative by 3,5 billion euro compared to positive balance of 1,3 billion at the end of 2015, mainly due to the outlay for the acquisition of PartnerRe. The consolidated shareholders' equity attributable to the shareholders of the parent company amounted to 10,4 billion with a net increase of 312,9 million compared to the end of 2015.
Exor has also announced that, on the occasion of the extraordinary meeting of 3 September, the shareholders approved the operation of reverse cross-border merger by incorporation of Exor into Exor Holding NV, a Dutch company wholly controlled by Exor, which upon completion of the merger will take on the name of Exor NV and will be the new holding company.
As a result of the merger, each Exor shareholder will receive one ordinary Exor Holding NV share, which will attribute one voting right for each Exor share held. Exor Holding NV ordinary shares will be listed exclusively on Borsa Italiana's electronic stock market. For each Exor Holding NV ordinary share held continuously for 5 years, shareholders will be entitled to 5 voting rights, while for each Exor Holding NV ordinary share held continuously for a total period of 10 years, they will be entitled to 10 voting rights.
The completion of the merger and the start of trading on the MTA of the ordinary shares of Exor NV are expected to take place by the end of December 2016. The merger, concludes the company, will have no impact on Exor's subsidiaries. In Piazza Affari, Exor shares gain just over 1%.
