Missing Exor, the holding company. John Elkann has come full circle yesterday: even the door holding the seat in the Netherlands. Unlike Fiat Chrysler Automobiles, Ferrari and CNH Industrial, which preceded transferring from Turin to Amsterdam the legal basis but choosing London as a tax resident, Exor will have the one and the other in the Netherlands. For Italy, ensure the Lingotto, it will not change anything, since the listing in: the title is and will remain “exclusively on the electronic market” Piazza Affari. News on the corporate front, however, there may be: it is likely to enter, or increase holdings in the portfolio, the global shareholders who are part of the “network” built in the years of Elkann presidency. Shareholders who call Bill Gates, through Cascade Investments, or Lord Jacob de Rothschild, or that Nassef Sawiris which not coincidentally was the exponent of the international family capitalism invited to the last meeting of the Giovanni Agnelli & amp; C. That the safe-Elkann Agnelli dynasty, which of course will retain his role as majority shareholder and could, indeed, increase its 52.99%.
depend on the market response to an operation that has laws and the Dutch tax authorities as a final destination but is born, says the plenipotentiary of the family, for the same reasons that led Fca, Ferrari, CNH and all the major holding business – including PartnerRe, a “geography” like l ‘ he had already before entering the orbit of the group – to lead the way: “our main investments have already reorganized the corporate structure to better reflect their overall activities, and it is therefore natural that Exor is aligned.” “Natural” that are identical even the technical procedures through which everything will happen: those of cross-border merger. Exor will be incorporated by Exor Holding N.V, according to an agenda that provides for the distribution to shareholders of a share of the “new” financial for each share of the “old.” As in other societies, there will be a “loyalty” mechanism that will reward with multiple voting rights (five ten) who will maintain the investment for the first five, then ten years.
Clear that will be, in parallel, those who do not want to follow the company in the Netherlands. And this is where, along with the right of withdrawal set at 31.2348 EUR (therefore under the current stock prices: 33,51 EUR yesterday), would come into play Giovanni Agnelli & amp; C. and the big international investors’ network Elkann. ”
The substance is simple. There is only one condition precedent of the transaction to be approved by the extraordinary general meeting to be held September 3: the value of requests for withdrawal must not exceed 400 million. Up to that threshold (which is considered high) resorption is guaranteed: for up to one hundred million by the Agnelli-Elkann, through family safe in a statement “reaffirms its support for” full; for up to 300 million by a group of individual global investors which includes Gates, the Rothschilds, the Sawiris.
the times will be faster if all goes as planned the Lingotto, the merger will become effective by the end of 2016. That September 3 could therefore be the last Turin and the Italian financial shareholders, and it is obvious that under the Mole (while) you alive as abandonment. Which, however, will understand the reasons, if Sergio Chiamparino – Today President of the Piedmont Region, yesterday the mayor of its capital – sums up: “They are not even the last financial ties between the Agnelli family and Turin: more and more we have to work to enhance our heritage of “know how automotive” car to be city without the city of Fiat. Since, however, that like other seat transfers does not take place in tax havens, but in one of the six founding countries of the European Community, you may want a strong initiative at the EU level to make the various legislations more homogeneous. ” Sounds like an ‘invitation’ to Prime Minister Matteo Renzi.
July 25, 2016 (amendment July 25, 2016 | 22:28)
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