01 augustus 2022
13:03
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Exor, the holding company of the Italian industrial Agnelli family, is leaving the Milan Stock Exchange. The share’s listing will move to Euronext Amsterdam.
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This will bring the place where Exor will be listed in line with the legal structure of the group as a Dutch company.
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‘The further simplification of Exor’s structure will mean that the group will come under the supervision of only one regulator, namely the Netherlands Authority for the Financial Markets (AFM).’ And also: ‘Euronext Amsterdam is where some of the leading European groups are listed.’
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In 2016, Exor changed from an Italian company to a company under Dutch law. This happened for tax reasons, but also because the Dutch legislation for holding companies is more flexible. The Agnelli family received a lot of criticism in Italy with that move and got into trouble with the Italian tax authorities. Exor eventually settled and paid about 750 million euros for it in February.
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The fact that Exor’s listing on the Milan stock exchange is now also being delisted is a drain on the Milan stock exchange, and is bad for Italy. Because Exor is a clapper. The holding, led by John Elkann, grandson of the legendary Giovanni Agnelli, and in which the Agnelli family owns a 52 percent majority stake, manages a portfolio of nearly EUR 30 billion.
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Car’s in the middle
The basis of the Agnelli’s fortune lies with Fiat, the car manufacturer founded in 1899 by Giovanni Agnelli. Exor is the largest shareholder of the automotive group Stellantis (Fiat-Chrysler-Peugeot-Citroën-Opel), has a major stake in Ferrari, in the truck manufacturer Iveco and in CNH Industrial (agricultural and excavators).
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The Agnelli holding also has interests in the media sector, as a major shareholder in The Economist and GEDI Gruppo Editoriale, publisher of the Italian newspapers La Repubblica and La Stampa.
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The holding also focuses on the luxury goods sector, with participations in the shoe group Christian Louboutin and the Chinese luxury brand Shang Xia.
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And through Exor, the Agnellis are the majority shareholder of Italian Serie A football club Juventus Turin, which finished fourth in the league last season and
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In addition to these permanent participations, Exor is also active as a private equity investor in young and growth companies. In 2020, for example, Exor invested capital in Cowboy, a Brussels start-up for electric bicycles and it expanded that investment earlier this year in a new round of capital.
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