DIRS.INFO The most relevant business & tech news

☆ 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

☆ Hamilton denies Red Bull talks, accuses Horner of 'stirring'
▼ + stars: | 2023-11-23 | by ( ) www.reuters.com time to read: +3 min

Horner told the Daily Mail newspaper there had been "several conversations over the years" about Hamilton joining the team who are currently dominant with triple world champion Max Verstappen. Most recently, earlier in the year, there was an inquiry about whether there would be any interest," said the team boss. "SERIOUS TALKS"Horner told the Daily Mail that Hamilton, who has not won a race since 2021, also had talks with Ferrari chairman John Elkann earlier in the year. There were definitely conversations, perhaps with (Ferrari team boss Fred) Vasseur, too. Hamilton, who has said he sees himself at Mercedes "until my last days", denied the Ferrari speculation at the time.

Persons: Lewis Hamilton, Christian Horner, Red Bull Formula, Horner, Hamilton, Max Verstappen, Abu, messaged, I've, Mercedes, Ferrari, Verstappen, Red Bull, John Elkann, Fred, Vasseur, Elkann, Alan Baldwin, Ken Ferris, Toby Davis Organizations: Red Bull, Briton, Mercedes, Daily Mail, Prix, Sky Sports, FIA, Thomson Locations: ABU DHABI, Abu Dhabi, Monaco, London

☆ 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

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.

☆ 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.

☆ F1 team bosses have their own light-bulb moment
▼ + stars: | 2023-02-26 | by ( Alan Baldwin | ) www.reuters.com time to read: +4 min

LONDON, Feb 26 (Reuters) - The late McLaren boss Teddy Mayer liked to compare Formula One drivers to interchangeable light-bulbs, declaring "you plug them in and they do the job", and nowadays the same might be said for team principals. The Frenchman is on his third different team, after stints at Sauber and Renault. "It shows also that the role of the team principal is maybe sometimes also a bit over-rated because if you can change it so quickly and there is no big impact, it tells also something. Sauber, with Swedish billionaire Finn Rausing as chairman of the board, will become the Audi works team from 2026. "But other than that we must not forget that F1 teams have developed into big organisations where the owners are not any more the team principals... some have engineers as team principals, some have more an old-fashioned rule."

☆ 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.

☆ 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.

☆ 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.

Search resuls for: "Elkann"

12 mentions found