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☆ Philips investor Exor: company's problems are "solvable"
▼ + stars: | 2023-11-30 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

TURIN/AMSTERDAM, Nov 30 (Reuters) - The CEO of Exor NV (EXOR.AS), the largest shareholder in Dutch healthcare equipment maker Philips NV (PHG.AS), on Thursday said he continues to believe the company's problems are solvable. Exor owns a 15% stake in Philips. The recall wiped nearly two-thirds off Philips' stock market valuation and new CEO Roy Jakobs has said that resolving the issue is his top priority. Philips stock is currently trading at 18.77 euros, about 25 cents higher than before Exor announced its investment in August. Exor is the investment arm of Italy's Agnelli family, with investments in manufacturing, sport, media, fashion, healthcare and technology companies.

Persons: John Elkann, Exor, Elkann, Roy Jakobs, Philips, Italy's Agnelli, Guilio Piovaccari, Toby Sterling, Kirsten Donovan Organizations: Exor NV, Philips NV, U.S . Food, Drug Administration, Philips, Exor, Thomson Locations: TURIN, AMSTERDAM, Turin, U.S

☆ IPO laggards’ race to the bottom misses the target
▼ + stars: | 2023-11-10 | by ( Lisa Jucca | ) www.reuters.com time to read: +5 min

A view shows the Milan stock exchange building, as stocks slid in the first hours of trading after fears that the collapse of Silicon Valley Bank could trigger a broader financial crisis, in Milan, Italy, March 13, 2023. REUTERS/Claudia Greco Acquire Licensing RightsMILAN, Nov 10 (Reuters Breakingviews) - Italy is scrambling to make its stock market more attractive. Over the past few years, some prominent companies have moved their listing venue abroad. Companies rushing to list in the Netherlands are no doubt attracted by its lax approach to companies with dual voting share classes. Doubts over the sustainability of Rome’s high public debt push up listed companies’ cost of capital, depressing their valuations and making the stock market less appealing.

Persons: Claudia Greco, Giorgia, Rishi, Agnelli, Neil Unmack, Oliver Taslic Organizations: REUTERS, Reuters, Ministry, Companies, Reuters Graphics Reuters, Financial, Thomson Locations: Milan, Silicon, Italy, Amsterdam, New York, Paris, Italian, Netherlands, Britain, United States, London

☆ Juventus owners are considering selling club - press
▼ + stars: | 2023-09-11 | by ( ) www.reuters.com time to read: +1 min

Soccer Football - Europa League - Semi Final - First Leg - Juventus v Sevilla - Allianz Stadium, Turin, Italy - May 11, 2023 General view of Juventus flags seen outside the stadium before the match REUTERS/Massimo Pinca/File Photo Acquire Licensing RightsROME, Sept 11 (Reuters) - The Exor holding company that owns Juventus is considering putting the Serie A club up for sale, Italian daily Il Giornale wrote on Monday, without citing sources. Exor believes that after operations to clean up the accounts of Italy's most historically successful team it can put it on sale for at least 1.5 billion euros ($1.61 billion), Il Giornale added. Juventus was banned from UEFA competition for this season after finishing seventh in Serie A last term due to a 10-points deduction for alleged false accounting practices. Speculation has arisen in the past about the possibility of Exor selling Juventus, and in May a company spokesman told Reuters its commitment to the club "remains unchanged." ($1 = 0.9316 euros)Reporting By Gavin Jones, editing by Cristina CarlevaroOur Standards: The Thomson Reuters Trust Principles.

Persons: Massimo Pinca, Il Giornale, Agnelli, Exor, Giornale, Gavin Jones, Cristina Carlevaro Organizations: Soccer Football, Europa League, Juventus, Sevilla, Allianz, Rights, Serie, UEFA, Thomson Locations: Turin, Italy, Netherlands

AMSTERDAM, Aug 17 (Reuters) - Investment company Exor (EXOR.AS) was able to build a 15% stake in Dutch healthcare group Philips (PHG.AS) without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show. Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. Filings by the Dutch Financial Market Authority AFM dated Aug. 14 but published late on Wednesday showed Goldman Sachs had taken an 12.11% stake in Philips using a derivatives structure that included 95 million call options. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details. Exor and Goldman Sachs (GS.N) declined to comment.

Persons: Goldman Sachs, Italy's Agnelli, Roy Jakobs, Exor, Allen, Overy, De Brauw, Philips, Toby Sterling, Pablo Mayo Cerqueiro, Andres Gonzalez, Valentina Za, Victoria Farr, Jane Merriman Organizations: Investment, Philips, Dutch, US Securities and Exchange, Reuters, Overy, Thomson Locations: Philips, Dutch

☆ Agnelli family's Exor buys $2.8 bln stake in Philips
▼ + stars: | 2023-08-14 | by ( Tosterling Bart H. Meijer | Bart H. Meijer | ) www.reuters.com time to read: +3 min

[1/2] Philips Healthcare headquarters is seen in Best, Netherlands August 30, 2018. The group combines two of the three sectors Exor targets in its investment strategy: healthcare and technology. While not an activist investor, Exor aims to play an active role in supporting Philips' strategy, the source said. "Exor's substantial investment underlines their confidence in Philips' transformation into a healthcare technology company and its growth and value potential," Philips Chairman Feike Sijbesma said in a statement. Philips last month reported core profit of 453 million euros and slightly upgraded financial targets for the full year.

Persons: de, Exor, Italy's Agnelli, Philips, Feike Sijbesma, John Elkann, Lifenet, Louboutin, Roy Jakobs, Valentina Za, Kim Coghill, David Goodman, Susan Fenton Organizations: Philips Healthcare, REUTERS, Philips, Philips AMSTERDAM, Exor, Institut, Ferrari, Italian soccer, Juventus, ING, U.S . Department of Justice, Thomson Locations: , Netherlands, Exor, Louboutin . New York, Italian, Milan

☆ Exor’s Philips bet looks well-timed
▼ + stars: | 2023-08-14 | by ( ) www.reuters.com time to read: +2 min

The Agnelli family’s investment company on Monday said it bought a 15% stake in the toothbrushes-to-defibrillators group for 2.6 billion euros ($2.8 billion). Philips’ shares are down some 62% since the peak in April 2021, and it now looks much cheaper than the sum of its parts. Based on peer multiples, its diagnostics business could be worth 14 times 2024 EBITDA, while its connected care unit, which helps hospitals manage patient data, might be valued at 18.5 times EBITDA. Lastly, throw in the consumer division, which makes toasters and TVs, and could fetch 12 times EBITDA. Using Refinitiv forecasts, that would imply a total enterprise value of 33 billion euros, and equity of some 24 billion euros, after taking off debt and 2.4 billion euros for legal costs estimated by Bernstein analysts.

Persons: John Elkann, Agnelli, Philips ’, EBITDA, Bernstein, Roy Jakobs, Philips, Karen Kwok, Bain, BoE, Neil Unmack, Streisand Neto Organizations: Reuters, Koninklijke Philips, U.S . Department of Justice, Philips, Twitter, FC Barcelona’s, Messi, Siemens, Thomson

☆ On Ibiza, a Celebration of Summer Love
▼ + stars: | 2023-07-27 | by ( Sophie Bew | ) www.nytimes.com time to read: +1 min

Video Credit Credit... For our 2023 Summer Entertaining Issue , T stops by dinner parties from Ibiza to Long Island — and shares recipes for the best warm-weather snacks and spritzes. - Three Easy Summer Dishes: The French chef Yann Nury elevates classic seasonal recipes with fresh flavor combinations and a few luxurious additions. - Host Gift Guide: What T’s editors and contributors are bringing to thank their hosts this summer, including surreal serving spoons and cozy quilts. The attendees: “It was about bringing our love for the island, love for each other, love for our friends and the business all together,” Rajani, 37, said. He and Shapiro, 42, invited friends including the publicists Nan Richards, 62, and Bruno Busson, 34; the stylist Rahi Chadda, 30; and the magazine editor Tobias Frericks, 45.

Persons: Yann Nury, ” Rajani, Shapiro, Nan Richards, Bruno Busson, Rahi Chadda, Tobias Frericks, Patrick Cox, Johanna Carlsson, Daniela Agnelli Organizations: Credit Locations: Ibiza, Long, French, Amsterdam

☆ Telegraph’s $750 million price implies vanity contest
▼ + stars: | 2023-06-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +4 min

That’s the only way to explain a possible 600 million pound ($748 million) price tag for the Britain’s Telegraph Media Group (TMG). EBITDA hit 40 million pounds, up 5%, based on UK filings, while borrowings were minimal. Lloyds reckons the price tag could be as high as 600 million pounds, according to media reports. On that basis, TMG’s value including debt would be just over 100 million pounds. Japanese media group Nikkei bought the Financial Times in 2015 for 2.5 times the previous year’s revenue.

Persons: Liz Truss, Hannah McKay, Nick Hugh, EBITDA, Barclay, Sir Frederick Barclay, David, TMG, AlixPartners, Italy’s Agnelli, B.UK, Liam Proud, Oliver Taslic Organizations: Sunday Telegraph, British, Conservative Party, REUTERS, Reuters, Britain’s Telegraph Media, Spectator, Lloyds Banking Group, Lloyds, Daily, Nikkei, Financial Times, Economist Group, Telegraph Media, Telegraph, Sky News, Thomson Locations: Birmingham, Britain, Bermuda

☆ Telegraph’s $750 mln price implies vanity contest
▼ + stars: | 2023-06-08 | by ( Pamela Barbaglia | ) www.reuters.com time to read: +3 min

That’s the only way to explain a possible 600 million pound ($748 million) price tag for the Britain’s Telegraph Media Group (TMG). EBITDA hit 40 million pounds, up 5%, based on UK filings, while borrowings were minimal. Lloyds reckons the price tag could be as high as 600 million pounds, according to media reports. Japanese media group Nikkei bought the Financial Times in 2015 for 2.5 times the previous year’s revenue. Follow @pamela_msg on TwitterCONTEXT NEWSReceivers chosen by Lloyds Banking Group could put the Telegraph Media Group up for sale after its Bermuda-based parent company B.UK failed to repay bank loans.

Persons: Nick Hugh, EBITDA, Barclay, Sir Frederick Barclay, David, TMG, AlixPartners, Italy’s Agnelli, B.UK, Liam Proud, Oliver Taslic Organizations: Reuters, Britain’s Telegraph Media, Sunday Telegraph, Spectator, Lloyds Banking Group, Lloyds, Daily, Nikkei, Financial Times, Economist Group, Conservative Party, Telegraph Media, Telegraph, Sky News, Thomson Locations: Bermuda

The case stems from the estate of Gianni Agnelli, the celebrated Fiat boss who was a symbol of Italy's post-war economic boom and died two decades ago. The second pact covered what would happen to the estate of Margherita's mother Marella, who died only in 2019 aged 91. Italian law prohibits such inheritance pacts. Dicembre is at the heart of a web of companies spanning the vast Agnelli family investments. Giovanni Agnelli BV in turn has a 53% controlling stake in listed Exor, which owns stakes in Stellantis, Ferrari and Juventus.

"Our commitment to Juventus is unchanged and no meetings have taken place," a spokesperson for Exor said when asked to comment by Reuters on Friday. Juventus also faces potential new penalties, including further points deductions, in a separate case over alleged irregularities in payments to players. The Agnelli family has owned the club, which it listed in 2001, almost uninterrupted since 1923. New potential co-investors could include Middle Eastern or Asian sovereign wealth funds, or U.S. funds or family offices, two sources said. Juventus ranked 11th in Deloitte's European Money League published in January, based on its annual revenue of 400 million euros in 2021/22.

☆ Italy sports authority scraps 15-point penalty for Juventus, orders new trial
▼ + stars: | 2023-04-20 | by ( ) www.reuters.com time to read: +1 min

MILAN, April 20 (Reuters) - Italy's top sports body on Thursday cancelled a decision to dock Serie A club Juventus (JUVE.MI) 15 points in a case centered on the club's transfer dealings, ordering soccer authorities to hold another hearing. The ruling of Italy's Sports Guarantee Board came after Juventus, the most successful soccer club in Italy, appealed a sentence Italy's soccer court issued in January as it looked at the way the club and a number of other teams dealt with player exchange deals. The soccer court had also imposed bans from holding office in Italian soccer on 11 past and present Juventus directors, including former Chairman Andrea Agnelli, a prominent member of the family controlling Juventus through their investment company Exor (EXOR.AS). Partially accepting the Juventus appeal, the Sports Guarantee Board did not clear the club of wrongdoing. It instead ruled that a soccer court made up of different judges should now hold new proceedings against Juventus and the directors and come up with more appropriate punishment.

☆ Agnellis' Exor eyes further healthcare investment for expansion
▼ + stars: | 2023-04-17 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +2 min

After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions. It has already said its M&A activity would mainly focus on healthcare, luxury and technology businesses. Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. NEW CHAIRMANExor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari (RACE.MI), CNH Industrial (CNHI.MI) and soccer club Juventus (JUVE.MI). It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe.

☆ Exor picks Nohria as new chairman to succeed World Bank nominee Banga
▼ + stars: | 2023-04-17 | by ( ) www.reuters.com time to read: +2 min

Netherlands-based Exor has proposed Nitin Nohria as its new non-executive chairman, it said in a statement as it presented its full-year results. It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021. The holding company's net asset value (NAV) amounted to 28.233 billion euros at the end of 2022, 9.1% lower then a year earlier. Exor proposed an ordinary dividend of 100 million euros, or 0.44 euros per share. Exor said that in the first months of 2023 it had increased investments in its private funds strategies by 400 million euros and committed for a further 300 million euros.

☆ Juventus says first half loss shrinks as pandemic impact fades
▼ + stars: | 2023-03-24 | by ( ) www.reuters.com time to read: +2 min

The result compares with a restated loss of 112.1 million euros for the same period of the previous fiscal year. Juventus said in a statement that revenue development and actions taken to contain costs had also contributed to narrowing the loss in the six months to Dec. 31. It added that although the economic and financial background remained unfavourable, there was a "significant improvement" in the current fiscal year compared to the previous one. The club, which posted a 239 million euro loss for the year to June 30, 2022, had already said in September that it expects to also finish the current fiscal year in the red. Juventus are now in seventh place, just four points outside the European qualifying places.

☆ Italy working on measures to boost Milan bourse's allure
▼ + stars: | 2023-02-20 | by ( Giuseppe Fonte | ) www.reuters.com time to read: +3 min

With an overall capitalisation of around 680 billion euros ($726.3 billion), the value of companies listed on Milan's bourse lags far behind European Union peers. "We aim to present a bill in parliament by April to strengthen Milan's ability to encourage listing," Treasury junior minister Federico Freni told Reuters. To boost initial public offerings (IPOs) in Milan, the draft bill includes measures to simplify the listing process, which current rules companies say make it costly and cumbersome to provide adequate risk disclosure for investors. "SME qualification is currently envisaged when capitalisation does not exceed 500 million euros: such a threshold would be increased to 1 billion euros," the draft showed. This would make only the institution liable while shielding its employees including top executives, a move the Treasury believes could speed up the listing process.

☆ Juventus shares tumble after 15-point penalty imposed
▼ + stars: | 2023-01-23 | by ( ) www.reuters.com time to read: +2 min

MILAN, Jan 23 (Reuters) - Shares in Juventus (JUVE.MI) tumbled some 10% on Monday after Italian soccer authorities docked the club 15 points for its transfer dealings, in a blow to its reputation and short-term sporting prospects. Juventus, who have won the Italian league more times than any other club, are now 9th in the Serie A standings and face an uphill struggle to qualify for lucrative European competition. Juventus drew 3-3 with Atalanta on Sunday night in their home city of Turin in their first game since the punishment was announced late on Friday. By 0907 GMT, shares are down 8.5%, underperforming a 0.2% drop in Italy's all-share index (.FTITLMS) and on track for their worst day since April 2021. Reporting by Elvira Pollina and Keith Weir Editing by Toby Chopra, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

☆ Italy's Juventus docked 15 points for transfer deals
▼ + stars: | 2023-01-20 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +3 min

With 20 games left to play this season, Juve were third in Serie A with 37 points, 10 behind leaders Napoli. In a late night statement, the court also imposed bans from holding office in Italian soccer on 11 past and present Juventus directors. Juventus said it would appeal to the country's Sport Guarantee Board once the reasons for the ruling were published. CASE REOPENEDThe ruling reversed a previous decision in April to clear Juventus, 10 other clubs and their executives of wrongdoing. Public prosecutors in Turin have requested Andrea Agnelli, 11 other people and the club itself to stand trial over allegations of false accounting.

☆ Juventus handed 15-point deduction for transfer deals
▼ + stars: | 2023-01-20 | by ( ) www.reuters.com time to read: +1 min

With 20 games left to play in this season, Juve were third in Serie A, 10 points adrift of leaders Napoli. The points deduction would push them down into mid-table, outside the spots for European competition. The ruling is tougher than a nine-point deduction a soccer prosecutor had requested earlier on Friday during a hearing looking at the way Juventus, Italy's most successful club, and a number of other teams dealt with player exchange deals. The soccer court also ruled that former Juventus chairman Andrea Agnelli be banned from holding office in Italian soccer for 24 months. It also decided on a 30-month ban for Juve's former sports director, Fabio Paratici, now managing director of football at England's Premier League club Tottenham Hotspur.

☆ Agnelli warns of Premier League dominance as he quits Juventus
▼ + stars: | 2023-01-18 | by ( Giulio Piovaccari | ) www.reuters.com time to read: +4 min

SummarySummary Companies Agnelli warns Premier League will marginalise rivalsStepping down from Juventus and two other board rolesNew Juventus board faces legal battle over accountsTURIN, Italy, Jan 18 (Reuters) - Outgoing Juventus <JUVE.MI> Chairman Andrea Agnelli, who could face trial over the club's accounting, signed off on Wednesday with a plea for reform of European soccer to counteract the power of the English Premier League. As well as leaving Juventus, Agnelli also said he would step down from his board roles at carmaker Stellantis (STLA.MI) and Exor (EXOR.AS), the Agnelli family holding company which controls the football club. Prosecutors in Turin have requested that Agnelli, 11 other people and the club stand trial over allegations of false accounting. "I believed and still believe that European soccer needs structural reforms to tackle the future," he said. Andrea Agnelli retains his role as board member at Giovanni Agnelli B.V., Exor's controlling shareholder, which groups all descendants of Fiat founder Giovanni Agnelli.

☆ Quitting top job at Juventus wasn't an easy decision, Andrea Agnelli says
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: 1 min

TURIN, Dec 27 (Reuters) - Outgoing Juventus (JUVE.MI) Chairman Andrea Agnelli said on Tuesday his decision to stand down was not an easy one to take, and he remained convinced he had acted correctly. "On top of loving Juventus, in recent years I have given my best to achieve results on and off the pitch," Agnelli told shareholders gathered in Turin to approve the Serie A team's results for the fiscal year ended in June. "I am strongly convinced I have acted properly in recent years, and that accusations raised against us were not founded," he added. Reporting by Giulio Piovaccari, editing by Gavin JonesOur Standards: The Thomson Reuters Trust Principles.

☆ Juventus has no requirement of additional capital, says Exor's Elkann
▼ + stars: | 2022-11-30 | by ( Daniel Wiessner | ) www.reuters.com time to read: +1 min

MILAN, Nov 30 (Reuters) - Serie A soccer club Juventus (JUVE.MI) does not need a fresh capital injection, the chief executive of controlling shareholder Exor (EXOR.AS) said on Wednesday. Exor on Tuesday proposed accountant Gianluca Ferrero as the new chairman of Juventus, marking the end of the long reign of Andrea Agnelli as the Italian soccer club tries to get to grips with its financial and legal troubles. "Juventus has no requirement of capital," Exor CEO John Elkann told analysts and investors at a business presentation of the holding company of Italy's Agnelli family. "Football is a very valuable sector, the ingredients that Juventus has and the leadership ahead are going to make the differences," Elkann said, adding Exor was very encouraged by the future of the club. Reporting by Giulio Piovaccari Editing by Keith WeirOur Standards: The Thomson Reuters Trust Principles.

☆ Juventus drama calls for an Exor exit strategy
▼ + stars: | 2022-11-29 | by ( Lisa Jucca | ) www.reuters.com time to read: +4 min

Chairman Andrea Agnelli and the other directors resigned en masse on Monday amid intense legal and regulatory scrutiny of the Italian soccer club’s accounts. Prosecutors in the club’s Turin home region, and Italian market regulator Consob, queried how Juventus accounted for its players’ pay. Soccer clubs are in high demand, with Chelsea’s sale earlier this year attracting a feeding frenzy among would-be owners. CONTEXT NEWSJuventus FC Chairman Andrea Agnelli resigned on Nov. 28 along with the Italian soccer club’s entire board, citing pending legal and accounting matters. Prosecutors and Italian market regulator Consob have been scrutinising the club for possible false accounting and market manipulation.

☆ Juventus Chairman Agnelli resigns with entire board
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

MILAN, Nov 28 (Reuters) - The board of Juventus (JUVE.MI), chaired by Andrea Agnelli, has resigned "in the best interest of the company," the Italian Serie A soccer team said on Monday. The collective resignation comes after Juventus' financial statements received scrutiny from prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. Juventus said it had called a shareholder meeting on Jan. 18 to appoint a new board. Andrea Agnelli, who has chaired Juventus since 2010, will not seek a reappointment, a source with knowledge of the matter told Reuters. In a letter to Juventus staff seen by Reuters, Andrea Agnelli described the company situation as "delicate."

☆ Juventus: Entire soccer club board of directors resigns over charges of false accounting
▼ + stars: | 2022-11-28 | by ( Valentina Di Donato | ) edition.cnn.com time to read: +1 min

CNN —The entire board of directors of Juventus, including the club’s President Andrea Agnelli and CEO Maurizio Arrivabene, has resigned over charges of false accounting, a statement from the Italian soccer club said Monday. The Serie A team’s financial statements underwent scrutiny by prosecutors and Italian market regulator Consob in recent months for alleged false accounting and market manipulation. Upon the proposal of Agnelli, the board agreed that it was in the best interest of the club for a new board to take over at Juventus. In its final meeting, the board appointed Maurizio Scanavino as General Manager until a new board of directors will be confirmed in a meeting scheduled for January 18. Juve is third in Serie A – 10 points behind leader Napoli – but failed to qualify for the Champions League knockout stages.

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