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Exor (company)

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Exor N.V.
Company typepublic N.V.
BIT: EXO
ISINNL0012059018
IndustrieInvestment company
Gegründet27 July 1927 (IFI)
HauptsitzHoogoorddreef 15, 1101 BA Amsterdam
Key people
John Elkann (Chairman & CEO)
Revenue€ 140.068 billion (2016)[1]
€ 22 billion (2016)[1]
Total assets€ 176.528 billion (2016)
Total equity€ 30.220 billion (2016)
OwnerGiovanni Agnelli B.V. (52.99%)
Number of employees
302,562 (2015)[2]
Websitewww.exor.com

Exor N.V. is a leading[3] investment company, incorporated in The Netherlands and now controlled by Italy's Agnelli family. It has a capitalization of over $13 billion USD, 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, and the 19th in the world, according to 2016 Fortune Global 500 List.[3]

Holdings

Declared shareholdings as of March 2016:[4]

Unternehmen % 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

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

Unternehmen % 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

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 largest company by revenue according to the 2015 and 2016 Fortune Global 500 lists.[3]

Mergers, shares and acquisitions

PartnerRe

In 2015 Exor bought PartnerRe with a bid of $140 per share (total $6.9 billions).[6] 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.[7]

The Economist

On August 12, 2015, the editor announced that Exor will purchase three-fifths of the Economist Group shares currently owned by Pearson PLC.[8] Exor held shares in the Economist Group prior to this purchase.[8] This is considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[8] 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.[9][8]

Cushman & Wakefield

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.[10]

Board of Directors

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

  1. ^ a b http://www.4-traders.com/EXOR-SPA-5104828/financials/
  2. ^ http://www.exor.com/home/INVESTOR-RELATIONS/Documenti-e-presentazioni/Relazioni-e-bilanci.html
  3. ^ a b c "Fortune Global 500". Fortune. Retrieved 7 May 2017.
  4. ^ "Investments". Exor.
  5. ^ Rossant, John (16 December 1991). "The Agnellis buty their way into Eurppe '92". BusinessWeek. Retrieved 30 September 2009.
  6. ^ Gray, Alistair (3 August 2015). "Exor wins battle for PartnerRe with $6.9bn deal". Financial Times. ISSN 0307-1766. Retrieved 21 October 2015.
  7. ^ "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Retrieved 15 August 2015.
  8. ^ 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.
  9. ^ "Investments". Exor. 12 August 2015. Retrieved 15 August 2015.
  10. ^ https://www.reuters.com/article/2015/09/02/exor-cushman-sale-closing-idUSI6N10H01620150902
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