Business Express is an online portal that covers the latest developments in the world of business and finance. From startups and entrepreneurship to mergers and acquisitions, Business Express provides reporting on the stories that matter most to business leaders and decision-makers.The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
2023 09 14T005544Z 1 LYNXMPEJ8D00V RTROPTP 4 EXOR RESULTS | Business Express

Exor to buy back 1 billion euro own shares, starts with 750 million tender offer on Thursday

Exor to buy back 1 billion euro own shares, starts with 750 million tender offer on Thursday

MILAN (Reuters) – Exor has approved a new share buyback program for up to one billion euros ($1.07 billion), with an initial tender for 750 million euros, the holding company of Italy’s Agnelli family said on Wednesday.

“The current value of Exor provides an attractive opportunity to invest in its own companies through buying back shares,” the Dutch-based company said in a statement.

As part of this plan, Exor will launch on Thursday a reverse tender offer for up to 750 million euros, ending on Oct 10.

Shares will be repurchased at a price ranging form a 3% discount to a 10% premium on their average price in the tender period, with a cap set at 89.17 euros, it said.

Exor shares closed at 81.56 euros on Wednesday.

The remaining shares, for an aggregate amount of 250 million euros, will be bought on the market in the coming 12 months, Exor added.

Exor said its controlling shareholder Giovanni Agnelli BV — which groups around 100 shareholders representing around 200 living descendants of original Fiat founder Giovanni Agnelli — has committed to join the tender offer for an aggregate amount of 250 million euros.

Its stake in Exor will remain unchanged at over 50%.

Don't miss out on any breaking news or insightful opinions!
Subscribe to our free newsletter and stay updated on the go!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Exor, whose investments span from manufacturing to media and from fashion to healthcare and technology, on Wednesday reported a net asset value (NAV) of 34.2 billion euros at June 30, up from 28.2 billion euros at end-2012. Its net profit amounted to 2.157 billion euros in the first half, up from 265 million euros in the same period of 2022.

Exor, which controls companies including Ferrari and farming and construction machine maker CNH Industrial and is the single largest shareholder in automaker Stellantis, last month announced it became the top investor in Philips’s with a 15% stake.

It said on Wednesday that during the first half of this year it had already bought shares in the Dutch group for an overall stake of 2.96%

($1 = 0.9311 euros)


(Reporting by Giulio Piovaccari, editing by Chizu Nomiyama)


Recent Post: