Agnelli Family’s Exor Holding to Delist From Milan Bourse on Sept. 27

·2 min read

MILAN — A couple of weeks after announcing plans to switch its public listing from the Milan Bourse to the Amsterdam Stock Exchange, the Agnelli family’s holding Exor started trading on Euronext Amsterdam Friday.

The company also said that the Milan Bourse has arranged a date for the delisting of its ordinary share from Euronext Milan, scheduled for Sept. 27.

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In the interim period, shares will be listed on both exchanges.

At the end of trading Friday, Exor shares were down 2.8 percent to 66.12 euros on Euronext Amsterdam and down 0.4 percent to 65.88 euros in Milan.

The move was intended to align the company’s listing to its legal structure. Exor has been a Dutch-registered entity since 2016, although it maintains operations in Italy, including the Ferrari brand’s fashion division.

Exor controls a wide range of firms ranging from carmaker Ferrari to fashion brand Shang Xia. It also owns The Economist and Gedi Gruppo Editoriale, parent of the Italian newspaper La Repubblica.

It has grown into a giant holding company, reporting revenues of 136 billion euros in 2021 and posting a profit of 1.7 billion euros. Its net asset value stood at 31 billion euros as of Dec. 31, 2021.

Last year, the Exor-owned Fiat Chrysler Automobiles group and the French automotive group PSA completed their merger, combining into a company called Stellantis comprising brands ranging from Fiat and Alfa Romeo to Chrysler, Jeep, Peugeot, Citroen and Maserati.

Lately, the company has been investing more in luxury. In 2020 it channeled around 80 million euros into Shang Xia, while last year it acquired a 24 percent interest in the Christian Louboutin brand.

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

Although rumors have been swirling around Exor’s, or Ferrari’s, possible interest in the Giorgio Armani group, both parties waved away the speculation.

Last year an Exor spokesman told WWD that the holding “invests in single companies, not in sectors, and in exceptional businesses and founders with shared values, and where it can add value and build great companies. It is the quality of the company, its team and culture and its attractive prospects that are the key drivers of the decision to invest.”

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