John Elkann tightens grip on Agnelli family holding, says daily
16/12/2023 10:53
MILAN, Dec 16 (Reuters) - John Elkann, scion of the
Agnelli family, has tightened his grip on Giovanni Agnelli BV,
the family holding that controls the industrial conglomerate
Exor EXOR.AS , Italian financial daily Il Sole 24 Ore reported
on Saturday.
Exor is the single largest shareholder in automaker
Stellantis STLAM.MI and Dutch healthcare equipment maker
Phillips PHG.AS . It also controls groups including Ferrari
RACE.MI , truckmaker Iveco IVG.MI and football club Juventus
JUVE.MI .
Giovanni Agnelli BV is jointly held by 100 descendants of
Fiat founder Giovanni Agnelli.
Through his family entity Dicembre, Elkann has bought around
3% of Giovanni Agnelli BV from his cousin Andrea Agnelli,
raising his stake to almost 40% while Andrea cut his
shareholding to nearly 9%, the newspaper said.
However, Andrea will represent John Elkann's stake on the
board, the paper added.
New York-born Elkann is the CEO of Exor and the chairman of
Stellantis and Ferrari. Late Fiat founder Gianni Agnelli was the
grandfather of John.
One source close to Andrea Agnelli said that he does not
plan to reduce his stake in the holding company further.
Earlier this year Andrea Agnelli, who is the former chairman
of Juventus, left the board of directors of both Stellantis and
Exor following a financial scandal at the club.
A representative for Elkann declined to comment.
(Reporting by Francesca Landini, additional reporting by Giulio
Piovaccari; editing by Clelia Oziel)
((francesca.landini@thomsonreuters.com; +39 02 66129437;
Reuters Messaging: reutersitaly.thomsonreuters@reuters.net))