Lambs link on the City want to climb the Economist – the Newspaper

Lambs want to become the first shareholders of The Economist, the weekly reference of the international financial world who support since 2009 (they already have the 4.72%). The move takes advantage of the decision of the Pearson Group to sell everything that is not scientific and scholarly publishing, its core business: the passage of a few days ago the Financial Times the Japanese Nikkei 880 million pounds. This time Pearson puts up his 50% of the Economist, for a total deal estimated at £ 400 million (at current exchange rates amounted to 500 million euro).

More than the “nest egg” Exor has a financial strength of at least 3 billion, but here has the strategy and objective “political”. Because the editorial mission of the London Exor is the last stone mosaic international president John Elkann has gradually collected in the holding company and of which we can perhaps today be considered the first step in the birth of Fiat-Chrylser under the aegis of the ad Sergio Marchionne. Even symbolically, because the editors of the Economist is located in the same building where Marchionne has moved its fiscal of the automotive group.

The latest examples of the great march of international Agnelli is the decision to spin off and list Ferrari, the archetype of luxury made in Italy, on the list of Wall Street and to wage a tough battle to get their hands on the giant American policies PartnerRe: only this, after more than a raise to bend the opposition of the board of the group insurance, Elkann has bet $ 7 billion. The decisive meeting will be held in early August and Exor should have its many institutional investors.

The reorganization of the Economist is expected to close in a few weeks, but the geography of the final shareholders’ register will depend on how many others will come forward. The capital of the weekly is in fact comparable to a big club, attended by actions of “A” and “B” some of the most influential families of the Old Continent as Cadburys, Rothschild and Schroder precisely the Lambs.

Here it is these families, holders of Class “A” (the most powerful in termimini of governance, that is, of the voting rights), are enablers in the design of the shareholding after the release of Pearson. Elkann also sits on the board of directors of the weekly, which has been present since 2013, the president of Google Eric Schmidt. Elkann also never fails, for some years, to fly to Sun Valley in Idaho for the regular meeting between the major publishing and the new economy. There was talk also of interest to competitors such as Bloomberg, Reuters-Thompson or Axel Springer, but probably the reorganization will be (almost) everything in the house Economist.

In short, as in the days of the Advocate, the printed word remains one of the great passions of the Agnelli family, which in Italy is the largest shareholder of RCS-Corriere della Sera and La Stampa has strengthened with the Secolo XIX . Via Solferino, the balance of the board are, however, came back hot; we will see what will be the fate of the ad Pietro Scott Jovane, chosen and he called as Elkann.