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%.

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)