The Agnelli family's holding company Exor N.V. announced on Monday it acquired a 15% stake in the Dutch conglomerate Koninklijke Philips N.V.
Under the agreement, Exor will also nominate one member to the Supervisory Board of Philips and will have the opportunity to increase its stake in the Dutch company up to 20%. Still, Exor insisted it does not plan to buy any more Philips shares "in the short term."
"The path of change taken by Philips in recent years has created a company that combines two areas – healthcare and technology – to which we are committed. Our discussions have confirmed the strong and positive alignment between our long-term, supportive approach to our companies and Philips’ ambitious plans under the chairmanship of Feike Sijbesma and the executive team led by Roy Jakobs," Exor CEO John Elkann stated.
