The Italian Agnelli family, historically linked to Fiat, has bought 15% of the Dutch company Philips for 2.6 billion euros through its Exor holding company, as announced on Monday. The investment has been carried out through purchases of shares in the market and an agreement with an important financial institution, as explained. The purchase has pushed the shares up above 4%.
With the operation, the Agnellis increase their presence in the health and technology sectors. Exor is committed to being a long-term minority investor and will have the ability to propose a member to the supervisory board. The purchase agreement contemplates a maximum participation of 20%.
Philips today focuses on healthcare devices and technology. It is immersed in a crisis after the sale of defective devices, which have cost it billions in recalls and recalls. Philips discovered flaws in its devices to treat sleep apnea in early 2021. A foam used to dampen noise disintegrated and entered the ventilation system, posing a cancer risk if inhaled.
For this reason, the company has set aside around €1 billion to recall some 5.5 million devices and has set aside additional provisions of €575 million as part of a planned settlement in the US to compensate patients.
In 2022 the group lost 1,600 million euros, which pushed at the beginning of the year to announce the dismissal of 6,000 workers, which was added to the 4,000 in August last year. In the first half of 2023, he earned 407 million euros.
Under the leadership of John Elkann, Exor, with net assets of around €28bn, has been diversifying its investments in recent years beyond the auto industry into healthcare, technology, financial services and luxury. . It also controls Ferrari, the Juventus football club or The Economist publication.
