|BIT: EXO |
FTSE MIB Component
|Founded||27 July 1927 (IFI)|
|John Elkann (Chairman & CEO)|
|Products||Diversified investments, Reinsurance, Media, Automotive, Heavy equipment, Sports, Internet|
|Revenue||€119.51 billion (2020)|
|€ 1 billion (2020)|
|Total assets||€172.94 million (2020)|
|Total equity||€13.09 million (2020)|
|Owner||Giovanni Agnelli B.V. (52.99%)|
Number of employees
|263,284 (approx) (2020)|
Exor N.V. is a holding company incorporated in the Netherlands and controlled by the Agnelli family through privately held company Giovanni Agnelli B.V. In 2021 it recorded revenues of more than $136 billion, with a Net Asset Value (NAV) of around $32 billion, becoming the 37th largest group in the world by revenue, according to the 2021 Fortune Global 500 List. It has a history of investments running over a century, which currently include auto and truck manufacturers Stellantis, Ferrari and CNH Industrial, global reinsurer PartnerRe, the football team Juventus F.C., the international newspaper The Economist, and the Italian media company GEDI.
The company was founded on 27 July 1927 under the name of Istituto Finanziario Industriale by the Senator Giovanni Agnelli with the aim of reuniting under a single company all the shareholdings by him acquired, mainly in industrial sectors.
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, Rockfeller Center, Cinzano, Club Med 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.
The family firm Giovanni Agnelli B.V. owns 52.99% of the share capital.
Declared shareholdings as of 31 August 2021:
|Company||Sector / Industry||% of Share Capital||Voting Rights|
|Juventus F.C.||Football team||63.8%||63.8%|
|GEDI Gruppo Editoriale||Media||89.6%||89.6%|
|The Economist Group||Media||43.4%||20.0%|
|CNH Industrial||Agricultural and heavy machinery||26.9%||42.5%|
Exor's interest in new 21st century companies led to the launch of Exor Seeds, an early and late stage startup investment business, under the leadership of Noam Ohana since 2017. Exor Seeds has invested 700 million dollars in 53 companies around the world with a focus on mobility, fintech and healthcare sectors.
On September 2021 Exor appointed Diego Piacentini, former Amazon and Apple Executive Manager, as Advisor of Exor and Chairman of Exor Seeds.
- Avant Arte
- Norbert Health
- True Link
- Via Transportation
- Quantum machines
- Radian Aerospace
- Solidus labs
On 5 October 2017 EXOR held its first Investor Day event, which was led by Exor & PartnerRe's leadership teams which provided financial updates and the latest developments from their respective companies.
On 21 November 2019 a second one was hosted on the occasion of Exor's 10th anniversary. During the meeting John Elkann, together with the management team, illustrated the company's performances, growth and key achievements over the past 10 years.
On 30 November 2021 Exor held its third Investor Day where the primary focus of its future investments was shared, centered on three main sectors: Healthcare, Luxury and Technology.
All events took place at the Agnelli Foundation in Turin (Italy).
On May 24th, 2018 Exor established the Partners Council, chaired by former UK Chancellor of the Exchequer George Osborne. The Council brings together a group of business leaders that provide additional external experience and counsel into Exor.
On September 27th, 2021 Jony Ive, former Apple Chief Design Officer of Apple, joined Exor’s Partners Council along with the announcement of a multi-year collaboration with his creative collective LoveFrom. 
Board of directors
Board of Directors in charge as of May 27th, 2021:
- John Elkann - chairman and chief executive officer
- Alessandro Nasi - vice chairman
- Andrea Agnelli - Non-independent director
- Joseph Bae - Independent non-executive director
- Melissa Bethell - Independent non-executive director
- Marc Bolland - Independent senior non-executive director
- Laurence Debroux - Independent non-executive director
- Ginevra Elkann - Non-independent director
- Ajay Banga - Independent non-executive director
Mergers, investments and acquisitions
On 12 August 2015 the editor announced that Exor would purchase three-fifths of The Economist Group shares then owned by Pearson PLC. Exor held shares in the Economist Group prior to this purchase. This was considered to be the "most important change to The Economist's shareholding structure in almost 90 years." 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 buy back the remaining 40% of Pearson shares.
Cushman & Wakefield
In 2016, Exor bought PartnerRe with a bid of $140 per share (total $6.9 billion). 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.
In March 2020, Exor announced an agreement to sell PartnerRe to French mutual insurer Covea for $9 billion plus a $50 million cash dividend upon closing. The sale was not finalised, as Covéa withdrew the offer on 12 May 2020. In August 2020, Exor stated that Covea would invest €1.5 billion, partly in entities managed by PartnerRe.
GEDI Gruppo Editoriale
In December 2019, Exor agreed to buy a 43.7 per cent stake in GEDI Gruppo Editoriale, Italy's leading media group, for €102.4m from CIR, the holding company of the De Benedetti dynasty. The acquisition was closed in April 2020.
In December 2019, Fiat Chrysler Automobiles and the PSA Group announced a merger, to be completed in 12/14 months. In July 2020, FCA's Chairman John Elkann and the CEO Mike Manley announced that the combined company will be called Stellantis, upon completion of the trans-Atlantic merger. The merger completed on 16 January 2021, with its common shares subsequently trading under the ticker symbol "STLA" on the Italian Bourse, Euronext Paris and the New York Stock Exchange. At the completion date of merger, the combined company became the world's fifth-largest car maker by unit sales.
On 14 April 2021, Exor and Peugeot 1810, both significant shareholders in Stellantis, signed a five-year agreement.
Via Transportation Inc.
In August 2020, EXOR Seeds participated in the funding round launched by Cowboy, a Belgian e-bike start-up.
Shang Xia Group
In December 2020, Exor announced an investment of circa €80 million in the Chinese group Shang Xia, thanks to which the holding became the first Shang Xia shareholder with Hermés International.
In March 2021, Exor Seeds participated as lead investor on raising the capital of Casavo, Italian proptech StartUp with an instant buying platform to sell, live and buying homes in Europe.
On June 16th, 2021 Exor signed an agreement with World-Wide Investments Company Limited of Hong Kong, setting up the newco Nuo spa, 50% owned by Exor and 50% owned by WWICL, to encourage and enhance the development of Italian medium-sized enterprises that produce high-end consumer goods like Ludovico Martelli and Montura.
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- "EXOR INVESTS IN SHANG XIA PARTNERING WITH HERMÈS TO TAKE THE CHINESE LUXURY COMPANY TO THE NEXT STAGE OF ITS DEVELOPMENT". Archived from the original on 2021-02-01. Retrieved 2021-01-28.
- "Exor And Christian Louboutin Partner To Accelerate The Development Of One Of The World'S Preeminent Luxury Brands". EXOR. 2021-03-08. Archived from the original on 2021-07-15. Retrieved 2021-12-28.
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- "Exor and The World-Wide Investment Company Limited join forces to invest in and support Italian consumer goods excellence". EXOR. 2021-06-16. Archived from the original on 2021-08-17. Retrieved 2021-12-28.
- Official website
- Business data for Exor N.V.: