The Agnelli family leaves Italy. Exor, the holding company of Fca, Ferrari, CNH and Partner Re, along with other activities, and Giovanni Agnelli e C. Sapaz, safe Turin’s dynasty and holder of 52.99% of the budget, transfer based in the Netherlands.
The aim of the operation is to create “a simpler corporate structure” that best responds to the increasingly international profile of the group, said the Chairman John Elkann. And the path traced by the two companies in Turin, which will be completed within the year (the assembly is fixed on September 3) it is similar to that followed by Fca, CNH Industrial and Ferrari, but with some differences: Exor port in the Netherlands is the registered office is to tax (the latter for other companies is in London) and keeps the prices exclusively at the Milan Stock. Not only. The attribution of the voting rights of the shareholders mechanism “faithful” will be very different from previous ones: 5 voting rights for each share held continuously for five years and as many if the period covers the span of ten years. Therefore, no immediate allocation of rights, as in the case of Fca or Ferrari, but potentially a dell’accomandita strengthening in Exor that could reach 85%. Just enough, theoretically, to expand into perspective for maneuver of the Turin dynasty on Exor controlling interest.
Mergers agenda
Yesterday the council Exor of directors approved the merger by incorporation of Exor in Exor Holding, a Dutch company wholly owned by Exor. The only condition precedent is that the total amount to be paid to shareholders who have exercised their right of withdrawal and to creditors Exor does not exceed 400 million. In particular, the price payable to the shareholders who will exercise the right of withdrawal is equal to 31.2348 euro per share against a stock market value of 33,51 euro. “In the last ten years we have continued to streamline our organization and to develop following evolution of our business,” said John Elkann, “Our major investment has already reorganized its corporate structure to better reflect their global activities and is therefore natural that Exor lines up to them. ” “The proposal we are putting forward today – he observed – allows us to obtain a simpler corporate structure and represents a further important step in the development path of a holding company that operates as Exor worldwide. Also the loyalty mechanism will encourage the shareholders who invest in the long term and I am happy that this project has already received the support of institutions and highly successful entrepreneurs in the world, some of which we are proud to have already as existing shareholders. “
Full support of Sapaz
as part of this new reorganization, in fact, is the controlling shareholder of Exor is other investors have already given willingness to sign the ‘ unsubscribed shares. In particular, the Giovanni Agnelli & amp; CSapaz, which is also preparing to leave Italy, confirmed full support to the operation. And did she know with a note that it was committed to acquire Exor actions, possibly deriving from the exercise of the right of withdrawal and do not place “up to a maximum value of 100 million Euros.” Technically, I am assuming that they stop recesses 100 million, the partnership will strengthen by 1.3% in the Exor capital thus rising to 54.29%. Near the family companies then appear other investors who are committed to purchase the shares not taken up in excess of the equivalent of 100 million up to a maximum total of 300 million. These also include the Cascade Investment, the investment company of Bill Gates, Jacob Rothschild and Nassef Sawiris. All with the aim, therefore, to create a stable shareholder base over the medium term. It is not on the agenda, however, according to reports, no transfer by the Agnelli family to a trust of dell’accomandita control package, recently forecast included in the statute of Sapaz. And in any case will remain a wire with Italy represented by the historic jewel of Gianni Agnelli heirs, December, holder of 36% dell’accomandita and personal of the different branches of the family financial.
” are less so – said the President of the Piedmont Region, Sergio Chiamparino – even the last financial ties between the Agnelli family and Turin. More and more we must work to enhance our heritage of know-how for automotive car city without the city of Fiat. ” “For our city is not good news,” he added the general secretary of Fiom Turin, Federico Bellono, while the mayor of Turin Chiara hanger takes note “of the assurances on investment on Turin area” and promises to work ” relaunching the Turin industrial vocation. “
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