Exor is preparing to transfer their registered office in the Netherlands as have Fca, CNH and Ferrari. This was communicated by a note of the holding of the Agnelli family. Technically, “the Exor BoD approved the cross-border merger by incorporation of Exor in Exor Holding NV, a Dutch company wholly owned by Exor that the outcome of the merger will be the new holding company.” The exchange ratio will be 1 to 1, each shareholder will receive one ordinary share in fact Exor Exor Nv.
“In the last ten years – said in a statement the president and CEO of Exor, John Elkann – we have continued to streamline our organization and to develop following the evolution of our business. Our main investment has already reorganized its corporate structure to better reflect their global activities and is therefore natural that Exor is aligned to them. ” While also changing the headquarters, Exor will remain listed on the Milan Stock Exchange.
Exor explains the movement in the Netherlands with the intention “to propose to shareholders a simpler corporate structure, which will respond better to the growing international profile of the company and his business, “as reads the note. On the other hand Fiat Chrysler Automobiles, CNH and Ferrari “They themselves – remember the holding – reorganized its corporate structure and, during that process, have identified the Netherlands as their legal address, while maintaining the listing Italian stock exchange. Even PartnerRe, the largest investment of Exor, is controlled by a Dutch company. “
After the green light of the board, the project must now be approved by Exor which will be held on 3 September. Giovanni Agnelli & amp; C., the largest shareholder of the holding company with 52.99% of the shares, has already stated that it will support the operation. The fusion of Italian holding in the Dutch subsidiary should be completed later this year.
The operation, as well as the green light by the shareholders, is subject to the fact that the amount to be paid to shareholders who wish to exercise the right of withdrawal does not exceed 400 million Euros. On this front, the Giovanni Agnelli & amp; C is committed to buy unsold shares and not prelazionate up to a maximum of 100 million euro, while “some entrepreneurs and institutions that invest with a long-term perspective” are committed to purchase additional shares up to a maximum of 300 million euro, the company said.
the price payable to shareholders who exercise their withdrawal will be of EUR 31.2348 per share compared to 33.51 euro closing today at the Milan stock.
transfer based in the Netherlands will also accompany a shareholder loyalty mechanism, the so-called multiple voting. Essentially, each Exor Nv share held continuously for a period of 5 years will be entitled to 5 voting rights. After 10 years, the voting rights will rise to ten.
Exor is an investment holding company listed on Piazza business with capitalization of EUR 8.1 billion. The asset value (NAV) is estimated at over 12 billion dollars (11 billion euro). It is the first Italian on the Fortune 500 and figure in 19th place with revenues of 152.591 billion dollars. Among its major investments are Fca, CNH Industrial, Ferrari, The Economist Group and Partner Re. It is the majority shareholder of Juventus.
(Il Sole 24 Ore Thomson Plus)
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