Exor (company)

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Exor N.V.
Naamloze vennootschap
(public limited company)
Traded asBITEXO
FTSE MIB Component
ISINNL0012059018
IndustryHolding company
Founded27 July 1927 (IFI)
HeadquartersEXOR N.V - Gustav Mahlerplein 25, 1082 MS Amsterdam
Key people
Revenue€143.4 billion (2017)[1]
€4.60 billion (2017)[1]
Total assets€163.8 billion (2017)
Total equity€31.2 billion (2017)
OwnerGiovanni Agnelli B.V. (52.99%)
Number of employees
302,562 (2015)[2]
Websitewww.exor.com

Exor N.V. is an Italian leading[3] holding company, incorporated in the Netherlands and controlled by the Italian Agnelli family. It has a capitalization of nearly $24 billion USD,[4] with a history of investments running over a century. Its principal investments include Fiat Chrysler Automobiles, PartnerRe, Ferrari, CNH Industrial, Juventus and The Economist. Resultantly, Exor is first as an economic group in Italy for sales volume, and the 19th in the world, according to 2017 Fortune Global 500 List.[3]

Holdings[edit]

Declared shareholdings as of 2017:[5]

Company % of Share Capital Voting Rights
PartnerRe 100% 99.66%
Juventus F.C. 63.77%
Economist Group 43.40% 20%
Fiat Chrysler Automobiles 28.98% 42.11%
CNH Industrial 26.89% 41.68%
Ferrari 22.91% 32.75%

Shareholders[edit]

Main Exor N.V. shareholders as of 31 december 2017:

Company % of share capital
Giovanni Agnelli B.V. 52.99%
Exor N.V. 2.33%
Harris Associates LP 7.36%
Southeastern AM 2,96%
Other shareholders 34.36%

Financial data[edit]

Financial data in € billions[6]
Year 2013 2014 2015 2016 2017
Revenue 113.740 122.246 136.360 140.068 143.430
Net Income 4.427 1.276 0.343 2.314 4.646
Assets 132.680 150.509 156.895 176.528 163.775
Employees 305,963 318,562 303,247 302,562 307,637

History[edit]

In 1957, IFI acquired control of Istituto Commerciale Laniero Italiano, which conducted activities in the financial field, particularly in the textile and wool sector. In 1963 it extended its operations to the banking system and changed its name to Istituto Bancario Italiano Laniero. Three years later, having spun off the banking business to Banca Subalpina, the company became Istituto Finanziario Italiano Laniero (IFIL), playing a parallel role to that of IFI and conducting similar investment management activities.

IFI gained holdings in numerous firms over the decades, including Unicem and 3M, many of which have since been divested. IFI listed preference shares on the Borsa Italiana in 1968. A reorganisation of the Agnelli family's holdings in 2008 led to the merger of IFI and IFIL to create Exor, the new name being taken from the French company (then the majority owner of Perrier water and the Château Margaux estate) which it acquired in 1991.[7]

The family firm Giovanni Agnelli B.V. owns 52.99% of the share capital.[8]

Exor is ranked 19th largest company by revenue according to the 2017 Fortune Global 500 lists.[3]

Mergers, shares and acquisitions[edit]

PartnerRe[edit]

In 2016 Exor bought PartnerRe with a bid of $140 per share (total $6.9 billions).[9] Originally it had offered $130 per share and in response Axis Re offered $120.31 per share in paper plus $11.50 in a pre-closing dividend.[10]

The Economist[edit]

On August 12, 2015, the editor announced that Exor would purchase three-fifths of the Economist Group shares then owned by Pearson PLC.[11] Exor held shares in the Economist Group prior to this purchase.[11] This was considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[11] Pearson PLC which also owned the Financial Times had had a non-controlling 50% stake in the Economist Group since 1928. The Economist Group will bought back the remained two-fifths of Pearson shares.[12][11]

Cushman & Wakefield[edit]

On September 2, 2015 Exor closed the sale of Cushman & Wakefield to Chicago-based DTZ for $1,28 billion in net, generating a capital gain of $722 million for the holding company of Italy's Agnelli family.[13]

Board of directors[edit]

Board of Directors in charge as of December 2018:[14]

  • John Philip Elkann - chairman and chief executive officer
  • Alessandro Nasi di Villapaciosa - vice chairman
  • Andrea Agnelli - director
  • Joseph Bae - director
  • Melissa Bethell - director
  • Marc Bolland - director
  • Laurence Debroux - director
  • Ginevra Elkann - director
  • Annemiek Fentener Van Vlissingen - director
  • Antonio Mota De Sousa Horta-Osorio - director

References[edit]

  1. ^ a b https://www.exor.com/it/home/INVESTOR-RELATIONS/Documenti-e-presentazioni/Relazioni-e-bilanci.html. Missing or empty |title= (help)
  2. ^ "EXOR - Financial statements". Exor.com. Retrieved 14 November 2017.
  3. ^ a b c "Fortune Global 500". Fortune. Retrieved 7 May 2017.
  4. ^ "Exor - Annual Report".
  5. ^ "Investments". Exor.com. Retrieved 14 November 2017.
  6. ^ "Exor Bilanz". wallstreet-online.de. Retrieved 2018-11-05.
  7. ^ Rossant, John (16 December 1991). "The Agnellis buty their way into Eurppe '92". BusinessWeek. Retrieved 30 September 2009.
  8. ^ "Group Profile | Exor - Interactive Financial Reports". exor-reports.message-asp.com. Retrieved 2017-12-13.
  9. ^ Agnieszka, Flak (3 August 2015). "Italy's Exor wins battle to buy PartnerRe for $6.9 billion". Reuters.
  10. ^ "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Retrieved 15 August 2015.
  11. ^ a b c d "A new chapter For only the second time in our history the ownership of The Economist changes". The Economist. 15 August 2015. Retrieved 15 August 2015.
  12. ^ "Investments". Theguardain.com. 12 August 2015. Retrieved 15 August 2015.
  13. ^ "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters.com. 2 September 2015. Retrieved 14 November 2017.
  14. ^ "Exor - Board of directors".

External links[edit]