Exor has approved a new share buyback program worth up to 1 billion euros ($1.07 billion), with an initial offer of 750 million euros, the Italian Agnelli family’s holding company said on Wednesday.
“The current value of Exor provides an attractive opportunity to invest in its own companies by buying back shares,” the Netherlands-based company said in a statement.
As part of this plan, Exor will launch a buyback offer of up to 750 million euros on Thursday, ending on October 10.
The shares would be bought back at a price ranging from a 3% discount to a 10% premium to the average price during the offering period, with a cap of 89.17 euros, it said.
Exor shares closed on Wednesday at 81.56 euros.
The remaining shares, worth a total of €250 million, will be purchased on the market in the next 12 months, Exor added.
Exor said its majority shareholder Giovanni Agnelli BV – which includes around 100 shareholders representing around 200 living descendants of original Fiat founder Giovanni Agnelli – had committed to join the takeover offer for a total amount of 250 million euros.
The stake in Exor remains unchanged at over 50%.
Exor, whose investments range from manufacturing to media and from fashion to healthcare and technology, reported on Wednesday a net asset value (NAV) of 34.2 billion euros as of June 30, up from 28.2 billion euros at the end of 2012. The Net profit amounted to 2.157 billion euros in the first half of the year, compared to 265 million euros in the same period of 2022.
Exor, which controls companies including Ferrari (NYSE:) and agricultural and construction equipment maker CNH Industrial and is the largest single shareholder in automaker Stellantis, announced last month that it had become the top investor in Philips (LON:) with a 15% stake. ) has become.