Exor (company)

Exor N.V. is an Italian holding company,[3] incorporated in the Netherlands and controlled by the Italian Agnelli family through privately held company Giovanni Agnelli B.V. In 2019 it recorded revenues of $144 billion,[1] making it the 28th largest group in the world by revenue, according to the 2020 Fortune Global 500 List.[3] It has a history of investments running over a century, which notably include auto and truck manufacturers Stellantis, Ferrari and CNH Industrial, global reinsurer PartnerRe, the football team Juventus F.C. and the international newspaper The Economist.

Exor N.V.
TypePublic (N.V.)
BIT: EXO
FTSE MIB Component
ISINNL0012059018
IndustryHolding company
Founded27 July 1927 (IFI)
HeadquartersAmsterdam, Netherlands
Key people
John Elkann (Chairman & CEO)
ProductsDiversified investments, Reinsurance, Media, Automotive, Heavy equipment, Sports, Internet
Revenue€143.8 billion (2019)[1]
€8.9 billion (2019)[1]
Total assets€172.6 billion (2019)
OwnerGiovanni Agnelli B.V. (52.99%)
Number of employees
268,979 (approx) (2019)[2]
Websitewww.exor.com

Holdings

Declared shareholdings as of 16 January 2021:

Company Sector / Industry % of Share Capital Voting Rights
PartnerReFinancials100%100%
Juventus F.C.Football team63.77%63.77%
GediMedia86.40%[4]89.60%
Economist GroupMedia43.40%20%
StellantisAuto Manufacturers14.40%TBA
CNH IndustrialCapital Goods26.89%42.19%
FerrariAuto Manufacturers22.91%35.80%

Besides these major holdings, the company holds shares in the following listed and unlisted companies:[5][6]

Financial Investments

Seeds

* Apparis* Kheiron
* Because* Norbert Health
* Brex* Privacy
* Cariuma* Reby
* CARS24* Reflexion
* Cover* RGENIX
* Cowboy* Saildrone
* Dignifi* Smallhold
* DRL* Tekion
* Earlens* True Link
* EMPG* Via Transportation
* FIIT* Viaduct
* Finhabits* Wayve
* Firefly

Shareholders

Company % of share capital[8]
Giovanni Agnelli B.V.52.99%
Harris Associates4.99%
EXOR N.V.4.15%
Southeastern Asset Management, Inc.2.96%
Free Float34.91%

Financial data

Financial data in € millions[9]
Year 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Revenue 52,520 58,985 84.359 110,671 113,740 122,246 136,360 140,068 138,226 143,294 143,755
Net Income -0.997 0.571 2.229 2.377 4.427 1.276 0.343 2.314 4.646 5.416 8.915
Assets 71,804 78,707 123,030 125,762 132,680 150,509 156,895 176,528 163,775 166,275 172,611
Employees 190,651 196,723 195,404 287,343 305,963 318,562 303,247 302,562 265,017 272,170 268,979

History

In 1957, IFI acquired control of Istituto Commerciale Laniero Italiano, which conducted activities in the financial field, particularly in the textile and wool sector. In 1963 it extended its operations to the banking system and changed its name to Istituto Bancario Italiano Laniero. Three years later, having spun off the banking business to Banca Subalpina, the company became Istituto Finanziario Italiano Laniero (IFIL), playing a parallel role to that of IFI and conducting similar investment management activities.

IFI gained holdings in numerous firms over the decades, including Unicem and 3M, many of which have since been divested. IFI listed preference shares on the Borsa Italiana in 1968. A reorganisation of the Agnelli family's holdings in 2008 led to the merger of IFI and IFIL to create Exor, the new name being taken from the French company (then the majority owner of Perrier water and the Château Margaux estate) which it acquired in 1991.[10]

The family firm Giovanni Agnelli B.V. owns 52.99% of the share capital.[11]

Exor is ranked 28th largest company by revenue according to the 2020 Fortune Global 500 lists.[12]

Investor Days

On October 5, 2017, EXOR held its first Investor Day event, which was led by Exor & PartnerR’s leadership teams which provided financial updates and the latest developments from their respective companies.[13]

On November 21, 2019, a second one was hosted on the occasion of Exor's 10th anniversary. During the meeting John Elkann, together with the management team, illustrated the Company’s performances, growth and key achievements over the past 10 years.[14]

Both events took place at the Agnelli Foundation in Turin (Italy).

Mergers, investments and acquisitions

The Economist

On August 12, 2015, the editor announced that Exor would purchase three-fifths of the Economist Group shares then owned by Pearson PLC.[15] Exor held shares in the Economist Group prior to this purchase.[15] This was considered to be the "most important change to The Economist's shareholding structure in almost 90 years."[15] Pearson PLC which also owned the Financial Times had had a non-controlling 50% stake in the Economist Group since 1928. The Economist Group will bought back the remained two-fifths of Pearson shares.[16][15]

Cushman & Wakefield

On September 2, 2015 Exor closed the sale of Cushman & Wakefield to Chicago-based DTZ for $1,28 billion in net, generating a capital gain of $722 million.[17]

PartnerRe

In 2016 Exor bought PartnerRe with a bid of $140 per share (total $6.9 billion).[18] Originally it had offered $130 per share and in response Axis Re offered $120.31 per share in paper plus $11.50 in a pre-closing dividend.[19]

In March 2020, Exor announced an agreement to sell PartnerRe to French mutual insurer Covea for $9 billion plus a $50 million cash dividend upon closing.[20][21] The sale was not finalised, as Covéa withdrew the offer on May 12, 2020.[22] In August 2020, Exor stated that Covea would invest €1.5 billion, partly in entities managed by PartnerRe.[23]

GEDI

In December 2019 Exor agreed to buy a 43.7 per cent stake in GEDI, Italy’s leading media group, for €102.4m from CIR, the holding company of the De Benedetti dynasty. The acquisition was closed in April 2020, when the company raised GEDI stake above 60%, corresponding to 63.21% of voting right.[24][25]

FCA & PSA

In December 2019 FCA and Groupe PSA announced a merger, to be completed in 12/14 months.[26][27][28] In July 2020, FCA's Chairman John Elkann and the CEO Mike Manley announced that the combined company will be called Stellantis, upon completion of the trans-Atlantic merger.[29][30] The merger completed on 16 January 2021, with its common shares subsequently trading under the ticker symbol "STLA" on the Italian Bourse, Euronext Paris and New York Stock Exchange. At the completion date of merger, the combined company became the world’s fifth-largest car maker by unit sales.[31]

Via Transportation Inc.

In April 2020, signed an agreement to invest a total amount of $200 million to acquire a 8.87% of Via Transportation Inc., a technology company specialising in the dynamic, data-driven optimisation of public mobility systems in cities all around the world.[32][33]

Cowboy

In August 2020, EXOR Seeds participated in the funding round launched by Cowboy, a Belgian e-bike start-up.[34]

Shang Xia Group

In December 2020, Exor announced an investment of circa € 80 million in the Chinese group Shang Xia, thanks to which the holding became the first Shang Xia shareholder with Hermés International. [35]

Board of directors

Board of Directors in charge as of December 2020:[36]

  • John Elkann - chairman and chief executive officer
  • Alessandro Nasi - vice chairman
  • Andrea Agnelli - Non-independent director
  • Joseph Bae - Independent non-executive director
  • Melissa Bethell - Independent non-executive director
  • Marc Bolland - Independent senior non-executive director
  • Laurence Debroux - Independent non-executive director
  • Ginevra Elkann - Non-independent director
  • António Mota de Sousa Horta Osório - Independent non-executive director

References

  1. "Exor" (PDF).
  2. "EXOR - Financial statements" (PDF). Exor.com.
  3. "Fortune Global 500". Fortune.
  4. "Italy's Exor raises GEDI stake above 60% ahead of mandatory offer".
  5. "Financial Investments".
  6. "Seeds".
  7. https://www.holdingschannel.com/13f/exor-investments-uk-llp-top-holdings/
  8. "Ownership Structure". Exor.
  9. "2019 Exor Annual Report" (PDF).
  10. Rossant, John (16 December 1991). "The Agnellis buty their way into Eurppe '92". BusinessWeek. Retrieved 30 September 2009.
  11. "Group Profile | Exor - Interactive Financial Reports". exor-reports.message-asp.com. Retrieved 2017-12-13.
  12. "Fortune Global 500". Fortune. Retrieved 18 December 2019.
  13. "EXOR INVESTOR DAY OCTOBER 5, 2017" (PDF). Exor.com.
  14. "BUILDING GREAT COMPANIES NOVEMBER 21, 2019" (PDF). Exor.com.
  15. "A new chapter For only the second time in our history the ownership of The Economist changes". The Economist. 15 August 2015. Retrieved 15 August 2015.
  16. "Investments". Theguardain.com. 12 August 2015. Retrieved 15 August 2015.
  17. "Exor closes $2 bln sale of Cushman & Wakefield to DTZ". Reuters.com. 2 September 2015. Retrieved 14 November 2017.
  18. Agnieszka, Flak (3 August 2015). "Italy's Exor wins battle to buy PartnerRe for $6.9 billion". Reuters.
  19. "Exor offers to buy PartnerRe". Bloomberg. 12 May 2015. Retrieved 15 August 2015.
  20. "EXOR Sells PartnerRe to French Insurer Covea for $9 Billion". Insurance Journal. 2020-03-04. Retrieved 2020-03-05.
  21. "EXOR announces memorandum of understanding for sale of partnerre to covéa for $9 billion". Exor.com.
  22. "Exor to retain ownership of partnerre, reaffirming its commitment to support the company's development". exor.com.
  23. Reuters Staff (2020-08-03). "Exor and Covea agree investments to settle relationship after failed PartnerRE deal". Reuters. Retrieved 2021-01-12.
  24. "Agreement Signed For The Sale to EXOR of Cir's 43.78% Shareholding in GEDI". exor.com/. 2 December 2019.
  25. "Italy's Exor raises GEDI stake above 60% ahead of mandatory offer". reuters.com/.
  26. "PSA And FCA Merger Plan Officially Announced". Motor. 31 October 2019.
  27. "Groupe PSA and FCA agree to merge" (PDF). fcagroup.com.
  28. "Fiat Chrysler And Group PSA Unveil Massive Merger Deal". Forbes.com.
  29. "Fiat Chrysler to Be Renamed Stellantis After Merger With PSA". WSJ.com.
  30. "Stellantis: the name of the new group resulting from the merger of FCA and Groupe PSA" (PDF).
  31. "Stellantis: the facts & brands behind the world's newest car giant". Autocar. Retrieved 2021-01-27.
  32. "Exor invests $200 million in via". Exor.com.
  33. "Exor Makes $200 Million Investment in Ride-Share Company Via".
  34. "Electric-bike maker Cowboy raises $26 million". Tech Crunch.
  35. "EXOR INVESTS IN SHANG XIA PARTNERING WITH HERMÈS TO TAKE THE CHINESE LUXURY COMPANY TO THE NEXT STAGE OF ITS DEVELOPMENT".
  36. "Exor - Board of directors".
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