Why does Exor leave Milan for Amsterdam?
Exor, the holding company of the Agnelli family, will leave the Milan stock exchange to go public in Amsterdam. Here are the reasons, timing and other moves of the company. Meanwhile, Prada …
Yesterday the board of directors of Exor, the financial holding company based in Amsterdam and managed by John Elkann, approved the transfer of the listing of the shares to the Amsterdam stock exchange in the Netherlands. The holding is currently listed on the Italian stock exchange in Milan.
WHO OWNS EXOR
Exor is owned by Giovanni Agnelli BV , a company also chaired by Elkann which holds very significant stakes in Stellantis, CNH Industrial, Juventus and in the Gedi publishing group.
THE REASONS FOR DELISTING
In a note, Exor explained that the transfer "will allow to align the company's stock exchange with its legal Dutch holding structure".
Always with a view to simplification – as Il Sole 24 Ore explains -, with the listing in Amsterdam the company will be subject to the supervision of a single national regulatory body, that of the Netherlands (the Dutch Authority for the Financial Markets, or AFM). .
TIMES
Listing on the Dutch stock exchange is expected to take place in mid-August. Once admission to the Euronext Amsterdam financial market has been obtained, the holding will proceed with the request for the delisting of its ordinary shares from Euronext Milan.
Given the regulation of Borsa Italiana, the company that manages the Milan stock exchange, at least forty-five days are required. During this time, before the completion of the delisting process, Exor's ordinary shares will be listed on both Euronext Milan and Euronext Amsterdam.
THE BUYBACK OF EXOR
Exor has confirmed the second phase of the buyback operation (repurchase of treasury shares) worth 250 million, which will be carried out on Euronext Amsterdam and Milan. The re-obtained shares will be used for the implementation of the 2022-2024 incentive plan.
THE INSTITUT MÉRIEUX
The Agnelli holding also concluded the acquisition of 10 per cent of the capital of another company belonging to a family group: the Institut Mérieux, linked to the French family of the same name and mainly active in the healthcare sector.
Exor paid a first installment of 278 million euros, which is worth about one third of the total value of the transaction (833 million). The remaining amount will be paid within the next twelve months.
The acquisition agreement provides for the entry of John Elkann and Benoît Ribadeau-Dumas (partner of Exor) on the board of directors of the Institut Mérieux.
IS PRADA QUOTE IN MILAN?
The announcement of the delisting of Exor from the Milan stock exchange came little news of the possible listing in Piazza Affari of Prada, an Italian luxury accessories company already present on the Hong Kong stock exchange. Chief Executive Officer Patrizio Bertelli told the Financial Times that any listing on the Italian stock exchange would be "in line with the roots of the group": Prada was in fact founded in Milan.
This is a machine translation from Italian language of a post published on Start Magazine at the URL https://www.startmag.it/economia/exor-borsa-amsterdam/ on Mon, 01 Aug 2022 13:10:07 +0000.