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The Agnelli family on the lookout for luxury and health purchases

2021-12-06T16:11:59.870Z

With the sale of Partner Re to Covea, its holding company Exor will dispose of a war chest of 9 billion euros.



The Agnellis, whose ancestor Giovanni co-founded Fiat in 1899, no longer rely entirely on the car.

The sector represents three quarters of the assets of their investment company, Exor, through its stakes in Ferrari, Stellantis (born from the merger of Fiat Chrysler and PSA), CNH and soon Iveco.

But Exor is now looking elsewhere and towards the future, explained in substance last week John Elkann, its president.

See also

The Agnellis become shareholders of Christian Louboutin

Despite the difficulties in the auto sector for almost two years, these subsidiaries have certainly provided Exor with double-digit returns: its revalued net assets ($ 34.5 billion) have jumped 165% in five years and 1470% since its inception. creation eleven years ago.

But after the sale of the reinsurer Partner Re to Covea for $ 9 billion (the transaction should be completed before the end of the year), Exor is preparing to seize opportunities from 2022.

"We will use 500 million to buy back part of our own shares between 2022 and 2024, and 500 million to reduce our debt from 4.5 to 4 billion at the end of 2022"

John Elkann, CEO of Exor and President of Fiat Chrysler Automobiles

With 1 billion euros in cash, 1 billion in free cash flow generated by its assets this year and the 7.7 billion

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Source: lefigaro

All business articles on 2021-12-06

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