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Ferrari owner Exor to move from Milan Stock Exchange to Amsterdam – WWD




MILAN- The Agnelli family’s holding company, Exor, is changing its public listing from the Milan Stock Exchange to the Amsterdam Stock Exchange.

The company, which is currently listed on Euronext in Milan, plans to move to Amsterdam to align with its legal structure.

Exor controls a wide range of companies ranging from car manufacturer Ferrari to fashion brand Shang Xia, which is owned by Hermès International. He also owns The Economist and Gedi Gruppo Editoriale, parent company of Italian newspaper La Repubblica.

It has been a Dutch-registered entity since 2016, although it maintains operations in Italy, including the fashion division of the Ferrari brand.

Listing in Amsterdam is currently pending approval by the Dutch Financial Markets Authority. It is expected to come into effect in mid-August when the common shares of Exor are transferred.

In the interim period leading up to the Milan delisting, the shares will be listed on both stock exchanges.

Exor has become a giant holding company, with a turnover of 136 billion euros in 2021 and a profit of 1.7 billion euros. Its revalued net assets amounted to 31 billion euros as of December 31, 2021.

On Friday, the holding also announced its intention to continue its buyback program announced in March. A second installment of up to €250 million will take place on Euronext Amsterdam and Euronext Milan.

Last year, Exor-owned Fiat Chrysler Automobiles and French automaker PSA completed their merger to form a company called Stellantis.

Stellantis includes brands ranging from Fiat and Alfa Romeo to Chrysler, Jeep, Peugeot, Citroën and Maserati. The merger was orchestrated by Chairman and CEO John Elkann, who has led the family holding company for 16 years.

Lately, the company has invested more in luxury. In 2020, he funneled around 80 million euros into Shang Xia, while last year he acquired a 24% stake in the Christian Louboutin brand.

It has also set up a partnership with The World-Wide Investment Company Ltd., which is owned by the Hong Kong Pao family. They created a new company called Nuo SpA to invest in excellence in consumer goods by supporting the global development of medium-sized Italian companies.

Although rumors have swirled around Exor or Ferrari’s possible interest in the Giorgio Armani group, both parties have ruled out speculation.

Last year, an Exor spokesperson told WWD that the holding “invests in individual companies, not industries, and in exceptional companies and founders who share common values, and where it can add value. value and create great companies It is the quality of the company, its team and its culture and its attractive prospects that are the main drivers of the decision to invest.




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