Exor launches €500 million share buyback as asset sales boost cash pile (updated)
UPDATE 1-Exor launches €500 million share buyback as asset sales boost cash pile Adds cash position in paragraph 2, adds earnings details in bullets
Sept 22 (Reuters) - Exor EXOR.AS, the investment arm of Italy's billionaire Agnelli family, announced a share buyback of €500 million ($572 million) on Tuesday.
The group said its deployable cash position would rise to around €4 billion, including proceeds from the sale of its interest in Iveco and the planned disposal of Welltec. Exor also reported:
A first-half net asset value of €157.9 per share, a decrease of 3.9% from a year earlier..
A first-half gross asset value of €35.77 billion, down 3.7%.
A loan-to-value (LTV) ratio of 4.7%
Exor's holdings span sectors including autos, healthcare, media and sports through investments in Stellantis STLAM.MI, Ferrari RACE.MI, Philips PHG.AS, Juventus JUVE.MI and The Economist.
($1 = 0.8748 euros)
(Reporting by Jakob Van Calster; Editing by Jonathan Ananda)
((jakob.vancalster@thomsonreuters.com))
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