Exor (company)

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Exor S.p.A.
Società per azioni (Holding company)
Traded as BITEXO
Industry Investment company
Founded 27 July 1927 (IFI)
Headquarters via Nizza 250, Turin, Italy
Key people
John Elkann (Chairman & CEO)
Products Industrial holdings
Revenue US$148.590 billion (2014)[1]
US$5.788 billion (2014)[2]
Profit US$392.606 million (2014)[3]
Total assets US$182.943 billion (2014)[4]
Total equity US$9.717 billion (2014)[5]
Owner Agnelli family
Number of employees
305.963 (2015)
Website www.exor.com

Exor is one of the most important European investment companies, controlled by the Agnelli family. For over a century, Exor has created long term horizon investments within global societies, mostly in Europe and USA, by taking benefits from a permanent patrimonial base. In addition to FCA, Exor’s principal investments include CNH Industrial, the 4th global society in capital goods (with a capitalization of US$12 billion). Exor is first as a economic group in Italy for sales volume, and the 19th in the world.

Holdings[edit]

Declared shareholdings as of October 2015:[6]

Company % of share capital
Juventus F.C. 63.77%
Economist Group 34.72%
Almacantar 38.30%
Fiat Chrysler Automobiles 29.16%
CNH Industrial 26.96%
Banca Leonardo 16.51%
Banijay Entertainment 17.09%

Shareholders[edit]

Main Exor S.p.A. shareholders as of 12 October 2015:

Company % of share capital
Giovanni Agnelli e C. S.a.p.az. 51.39%
Exor S.p.A. 9.70%
Harris Associates LP 5,02%
Other shareholders 33.89%

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 & C. owns 51.39% of the share capital, the remainder is free float.

Exor is ranked 19th richest company according to the 2015 Fortune Global 500 list.[8]

Mergers, shares and acquisitions[edit]

PartnerRe[edit]

In 2015 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 will purchase three-fifths of the Economist Group shares currently owned by Pearson PLC.[11] Exor held shares in the Economist Group prior to this purchase.[11] This is considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[11] Pearson PLC which also owns the Financial Times has had a non-controlling 50% stake in the Economist Group since 1928. The Economist Group will buy back the remained two-fifths of Pearson shares.[12][11]

Cushman & Wakefield[edit]

On September 2nd 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 2 August 2015:

  • John Philip Elkann - chairman and chief executive officer
  • Sergio Marchionne - vice chairman
  • Alessandro Nasi di Villapaciosa - vice chairman
  • Andrea Agnelli - director
  • Vittorio Avogadro di Collobiano - director
  • Giovanni Chiura - independent director
  • Ginevra Elkann - director
  • Annemiek Fentener Van Vlissingen - independent director
  • Mina Gerowin - independent director
  • Jae Yong Lee - independent director
  • Antonio Mota De Sousa Horta-Osorio - independent director
  • Lupo Rattazzi - director
  • Mike Volpi - lead independent director
  • Robert Speyer - independent director
  • Ruthi Whertheimer - independent director

References[edit]

External links[edit]