Exor, Agnelli’s safe leaves Italy and moves to the Amsterdam Stock Exchange –

Exor leaves Italy permanently: the financial company of the Agnelli-Elkann-Nasi family, after the registered office, is now also transferring its shares to Amsterdam. The board of the company that controls Stellantis, Ferrari, CNH Industrial, Gedi, Iveco and Juventus has agreed to move the common stock listing from Piazza Affari to Euronext Amsterdam, a different city, but with the same big family as the Milan roster.


The move, the company explains in a note, will allow the company’s stock exchange to align with its own Dutch holding legal structure, which matured in 2016 with the then-immigration from Turin to the Netherlands. Exor’s organizational structure will be further simplified, as the financial company will be subject to the supervision of a single national regulatory body: the Dutch Authority for Financial Markets – Afm (hence the oversight of Consob). The process is bound by the approval of the listing prospectus by the Afm itself and its admission to the listing and trading of the securities by Euronext Amsterdam. The bell should start ringing and start trading in mid-August. More information about listings and delistings will be disclosed. In fact, after the debut in Amsterdam, Exor will request a write-off of its common shares from Euronext Milan which will not happen before 45 days. In that period, Exor shares will continue to travel parallel to Milan and Amsterdam. The second batch of the 250 million repurchase announced on March 8 will take place in both markets. For investors, nothing has changed with the switch – it was only a matter of time. The case of Exor – 136 billion in revenue in 2021 – was a single case: incorporated in the Netherlands, with Dutch ownership (Giovanni Agnelli Bv, owner of 52% but with 85.4% of voting rights. He immigrated to Amsterdam) and a corporate shareholder with a Dutch registered office: Stellantis, Ferrari, Iveco and Cnh Industrial. But without offices, staff and operational activities in Italy.

See also  Borsa Italiana, commentary on today's session (March 17, 2021)

resurrection date

The selection, on the other hand, comes about six months after the dispute with internal revenue related to the Dutch re-settlement in 2016 for Exor (paid $746 million) and parent company Giovanni Agnelli Sapaz that later became BV (203) was resolved. million paid). With this move, the Agnelli-Elkann-Nasi treasury benefited from almost zeroing in on capital gains taxes, as is also allowed in Italy by exempting participation up to 95%, nothing new at the time, but above all adopted by a voting mechanism Special grants 5 voting rights for each share owned to shareholders who will hold the shares for at least five years and ten voting rights to those who will hold them for at least 10 years. And just this year, five-year ownership of the securities is due. In recent weeks, Exor completed the sale of reinsurer PartnerRe to Cova for 8 billion and acquired 10% of the Mrieux Institute for 833 million euros.

Thelma Binder

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