Exor to buy back 1 bln euro own shares, starts with 750 mln tender offer on Thursday

CNH Industrial NV

13/09/2023 19:47

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      Cap price for reverse tender offer set at 89.17 euros
    

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      Exor shares closed at 81.56 euros on Wednesday 
    

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      NAV increased to 34.2 bln euros at June 30
    

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      Net profit up to 2.157 bln euros in H1
    

  
       MILAN, Sept 13 (Reuters) - Exor  EXOR.AS  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  RACE.MI 
and farming and construction machine maker CNH Industrial
 CNHI.MI  and is the single largest shareholder in automaker
Stellantis  STLAM.MI , last month announced it became the top
investor in Philips's  PHG.AS  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)
 ((giulio.piovaccari@thomsonreuters.com))