Exor (company)

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Exor N.V.
Naamloze vennootschap
Traded as BITEXO
ISIN NL0012059018
Industry Investment company
Founded 27 July 1927 (IFI)
Headquarters Hoogoorddreef 15, 1101 BA Amsterdam
Key people
John Elkann (Chairman & CEO)
Revenue €136.369 billion (2015)[1]
Profit €744.5 million (2015)[2]
Total assets €156,895 million (2015)
Total equity $26,114 million (2015)
Owner Giovanni Agnelli B.V. (52.99%)
Number of employees
303.247 (2015)[3]
Website www.exor.com

Exor N.V. is a leading investment company, controlled by the Agnelli family. It has a capitalization of over US$13 billion, with a history of investments running over a century. Its principal investments include Fiat Chrysler Automobiles, CNH Industrial and Ferrari. Resultantly, Exor is first as an economic group in Italy for sales volume,[citation needed] and the 19th in the world.[citation needed]

Holdings[edit]

Declared shareholdings as of March 2016:[4]

Company % of share capital
PartnerRe 100%
Juventus F.C. 63.77%
Economist Group 43.40%
Fiat Chrysler Automobiles 29.41%
CNH Industrial 26.92%
Ferrari 22.91%
Banca Leonardo 16.51%
Welltec 14.01%

Shareholders[edit]

Main Exor N.V. shareholders as of 12 October 2015:

Company % of share capital
Giovanni Agnelli B.V. 52.99%
Harris Associates LP 7.36%
Other shareholders 32.77%
Southeastern AM 4.11%
Exor N.V. 2.76%

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.[5]

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

Exor is ranked 19th richest company according to the 2015 Fortune Global 500 list.[6]

Mergers, shares and acquisitions[edit]

PartnerRe[edit]

In 2015 Exor bought PartnerRe with a bid of $140 per share (total $6.9 billions).[7] 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.[8]

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.[9] Exor held shares in the Economist Group prior to this purchase.[9] This is considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[9] 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.[10][9]

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.[11]

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
  • Marc Bolland - independent director
  • Niccolò Camerana - director
  • Ginevra Elkann - director
  • Annemiek Fentener Van Vlissingen - independent director
  • Jae Yong Lee - independent director
  • Antonio Mota De Sousa Horta-Osorio - independent director
  • Vittorio Avogadro di Collobiano - director
  • Lupo Rattazzi - director
  • Robert Speyer - independent director
  • Mike Volpi - lead independent director
  • Ruthi Whertheimer - independent director

References[edit]

  1. ^ http://www.4-traders.com/EXOR-SPA-5104828/financials/
  2. ^ http://www.4-traders.com/EXOR-SPA-5104828/financials/
  3. ^ http://www.exor.com/home/INVESTOR-RELATIONS/Documenti-e-presentazioni/Relazioni-e-bilanci.html
  4. ^ "Investments". Exor. 
  5. ^ Rossant, John (16 December 1991). "The Agnellis buty their way into Eurppe '92". BusinessWeek. Retrieved 30 September 2009. 
  6. ^ "Fortune Global 500". CNN Money. 15 August 2015. Retrieved 15 August 2015. 
  7. ^ Gray, Alistair (3 August 2015). "Exor wins battle for PartnerRe with $6.9bn deal". Financial Times. ISSN 0307-1766. Retrieved 21 October 2015. 
  8. ^ "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Retrieved 15 August 2015. 
  9. ^ 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. 
  10. ^ "Investments". Exor. 12 August 2015. Retrieved 15 August 2015. 
  11. ^ http://www.reuters.com/article/2015/09/02/exor-cushman-sale-closing-idUSI6N10H01620150902

External links[edit]