Exor (company)

Exor N.V.
Naamloze vennootschap
(public limited company)
Traded as BIT: EXO
FTSE MIB Component
ISIN NL0012059018
Industry Holding company
Founded 27 July 1927 (IFI)
Headquarters EXOR N.V - Gustav Mahlerplein 25, 1082 MS Amsterdam
Key people
 John Elkann (Chairman & CEO)
Revenue €143.4 billion (2017)[1]
€4.60 billion (2017)[1]
Total assets €163.8 billion (2017)
Total equity €31.2 billion (2017)
Owner Giovanni Agnelli B.V. (52.99%)
Number of employees
 302,562 (2015)[2]
Website www.exor.com

Exor N.V. is an Italian leading[3] holding company, incorporated in the Netherlands and controlled by Italy's Agnelli family. It has a capitalization of over $23 billion USD,[4] with a history of investments running over a century. Its principal investments include PartnerRe, Fiat Chrysler Automobiles, CNH Industrial, The Economist, Juventus and Ferrari. Resultantly, Exor is first as an economic group in Italy for sales volume, and the 20th in the world, according to 2017 Fortune Global 500 List.[3]

Holdings

Declared shareholdings as of 2017:[5]

Company % of share capital
PartnerRe100%
Juventus F.C.63.77%
Economist Group43.40%
Fiat Chrysler Automobiles29.4%
CNH Industrial26.89%
Ferrari22.91%

Shareholders

Main Exor N.V. shareholders as of 31 december 2017:

Company % of share capital
Giovanni Agnelli B.V.52.99%
Harris Associates LP7.36%
Other shareholders34.21%
Southeastern AM 2.96%
Exor N.V.2.48%

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.[6]

The family firm Giovanni Agnelli B.V. owns 52.99% of the share capital.[7]

Exor is ranked 20th largest company by revenue according to the 2017 Fortune Global 500 lists.[3]

Mergers, shares and acquisitions

PartnerRe

In 2016 Exor bought PartnerRe with a bid of $140 per share (total $6.9 billions).[8] 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.[9]

The Economist

On August 12, 2015, the editor announced that Exor would purchase three-fifths of the Economist Group shares then owned by Pearson PLC.[10] Exor held shares in the Economist Group prior to this purchase.[10] This was considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[10] 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 bought back the remained two-fifths of Pearson shares.[11][10]

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.[12]

Board of directors

Board of Directors in charge as of 29 may 2018:[13]

  • John Philip Elkann - chairman and chief executive officer
  • Sergio Marchionne - vice chairman [since deceased]
  • Alessandro Nasi di Villapaciosa - vice chairman
  • Andrea Agnelli - director
  • Melissa Bethell - director
  • Marc Bolland - director
  • Niccolò Camerana - director
  • Laurence Debroux - director
  • Ginevra Elkann - director
  • Annemiek Fentener Van Vlissingen - director
  • Antonio Mota De Sousa Horta-Osorio - director
  • Joseph Bae - director

References

  1. 1 2 https://www.exor.com/it/home/INVESTOR-RELATIONS/Documenti-e-presentazioni/Relazioni-e-bilanci.html. Missing or empty |title= (help)
  2. ↑ "EXOR - Financial statements". Exor.com. Retrieved 14 November 2017.
  3. 1 2 3 "Fortune Global 500". Fortune. Retrieved 7 May 2017.
  4. ↑ "Exor - Annual Report".
  5. ↑ "Investments". Exor.com. Retrieved 14 November 2017.
  6. ↑ Rossant, John (16 December 1991). "The Agnellis buty their way into Eurppe '92". BusinessWeek. Retrieved 30 September 2009.
  7. ↑ "Group Profile | Exor - Interactive Financial Reports". exor-reports.message-asp.com. Retrieved 2017-12-13.
  8. ↑ Gray, Alistair (3 August 2015). "Exor wins battle for PartnerRe with $6.9bn deal". Financial Times. ISSN 0307-1766. Retrieved 21 October 2015.
  9. ↑ "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Retrieved 15 August 2015.
  10. 1 2 3 4 "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.
  11. ↑ "Investments". Theguardain.com. 12 August 2015. Retrieved 15 August 2015.
  12. ↑ "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters.com. 2 September 2015. Retrieved 14 November 2017.
  13. ↑ "Exor - Board of directors".
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