Agnelli Family’s Exor Holding to List on Amsterdam Stock Exchange

Martino Carrera
·2 min read

MILAN — The Agnelli family’s holding Exor is switching its public listing from the Milan Bourse to the Amsterdam Stock Exchange.

The company, which is currently listed on Euronext in Milan, plans to move to Amsterdam to align with it legal structure.

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Exor controls a wide range of firms ranging from carmaker Ferrari to fashion brand Shang Xia, which belongs to Hermès International. It also owns The Economist and Gedi Gruppo Editoriale, parent of the Italian newspaper La Repubblica.

It has been a Dutch-registered entity since 2016, although it maintains operations in Italy, including the Ferrari brand’s fashion division.

The Amsterdam listing is waiting to be approved by the Dutch Authority for the Financial Markets. It should come into effect in mid-August when Exor’s ordinary shares will be transferred.

In the interim period leading to the delisting from Milan, shares will be listed on both exchanges.

Exor has grown into a giant holding company, reporting revenues of 136 billion euros in 2021 and posting a profit of 1.7 billion euros. Its net asset value stood at 31 billion euros as of Dec. 31, 2021.

On Friday the holding company also said it plans to continue its buyback program announced in March. A second instalment of up to 250 million euros will take place on Euronext Amsterdam and Euronext Milan.

Last year, the Exor-owned Fiat Chrysler Automobiles group and the French automotive group PSA completed their merger, combining into a company called Stellantis.

Stellantis comprises brands ranging from Fiat and Alfa Romeo to Chrysler, Jeep, Peugeot, Citroen and Maserati. The merger was masterminded by chairman and chief executive officer John Elkann, who has been leading the family holding company for 16 years.

Lately, the company has been investing more in luxury. In 2020 it channeled around 80 million euros into Shang Xia, while last year it acquired a 24 percent interest in the Christian Louboutin brand.

It also set up a partnership with The World-Wide Investment Company Ltd., which belongs to the Hong Kong Pao family. They set up a new company called Nuo SpA to invest in consumer goods excellence by supporting the global development of medium-sized Italian companies.

Although rumors have been swirling around Exor’s, or Ferrari’s, possible interest in the Giorgio Armani group, both parties waved away the speculation.

Last year an Exor spokesman told WWD that the holding “invests in single companies, not in sectors, and in exceptional businesses and founders with shared values, and where it can add value and build great companies. It is the quality of the company, its team and culture and its attractive prospects that are the key drivers of the decision to invest.”

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