The Agnelli family became a long-term shareholder of Philips – Kommersant
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Exor holding, controlled by the Agnelli family, announced on the purchase of a 15% stake in Philips. According to Reutersthe deal cost Exor approximately €2.6 billion, and all shares were purchased on the open market.
According to a press release, the Agnelli family intends to become a long-term shareholder of Philips and may increase their stake in the Dutch company to 20% in the future. The current deal will give Exor one seat on Philips’ Supervisory Board.
The investment of the Agnelli family is perhaps the first significant positive news for Philips in recent years. In 2021, the company was at the center of a major scandal: it was forced to announce a recall about 4 million ventilators, ventilators and apnea sleep aids due to “identified potential health risks” in their use. The US Department of Justice is investigating the company, and a number of class and individual lawsuits have been filed against it. As a result, the company has already set aside €575 million to cover possible legal costs in this case.
“Exor’s significant investment underscores their confidence in Philips’ transformation into a medical technology company and its potential to grow and grow in value,” Philips Chairman Feike Siijbesma said in a statement.
The key business of the Agnelli family is the Stellantis concern. Giovanni Agnelli was one of the founders of the Italian auto concern Fiat, and later the family invested in Ferrari, Aston Martin and Chrysler. The latter was bought out by Fiat in 2009, and in 2021 Fiat Chrysler Automobiles merged with the French PSA Group (Peugeot, Citroen, Opel). The Agnelli family has owned the Juventus football club for 100 years (with a break for several years in the 1940s), and is also a majority shareholder in the La Stampa newspaper and The Economist magazine.
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