(CercleFinance.com) – Philips shares rose sharply on Wednesday on the Amsterdam Stock Exchange as Exor strengthened its stake, thus showing its confidence in the health equipment manufacturer it is today the largest shareholder.
In a notice sent to the American stock market authorities, the Agnelli family holding company now indicates that it holds 17.51% of the capital of the Dutch group, compared to 15% previously.
Exor surprised the market a little less than a year ago by taking 15% of Philips, with the possibility of increasing its stake up to 20% of the capital.
The investment firm praises the leadership, strategy and value creation potential of Philips, which is now its fourth largest holding behind Ferrari, Stellantis and CNHI.
Since the holding company took its stake, Philips’ share price has risen by more than 30%.
With net assets of 34 billion euros, Exor – which is controlled by the descendants of Giovanni Agnelli, the founder of Fiat, is one of Europe’s largest investment companies.
Around 12:00 p.m., the stock was up around 2%.
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