Philips: stock up as Exor holding co. raises stake

(CercleFinance.com) - Philips shares rose sharply on the Amsterdam stock exchange on Wednesday, as Exor increased its stake in the healthcare equipment manufacturer, making it the company's largest shareholder.


In a notice sent to the US stock exchange authorities, the Agnelli family's holding company said it now held 17.51% of the Dutch group's capital, up from 15% until now.

Exor surprised the market just under a year ago by acquiring 15% of Philips, with the option of increasing its stake to 20%.

The investment company praises the leadership, strategy and value-creation potential of Philips, which is now its fourth-largest holding behind Ferrari, Stellantis and CNHI.

Since the holding company acquired its stake, Philips' share price has risen by over 30%.

With net assets of E34bn, Exor - which is controlled by the descendants of Giovanni Agnelli, the founder of Fiat - is one of Europe's largest investment companies.

At noon, the share was up around 2%.


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