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Agnelli family buys 15-percent stake in Philips
Italy's Agnelli family has acquired a 15-percent stake in Dutch medical technology firm Philips, the latest move into the health sector for the storied industrial dynasty, the two groups said Monday.
The investment was made via the family's Dutch-based Exor holding company, which will also have one seat on Philips's supervisory board.
Exor told AFP the deal was worth around 2.6 billion euros ($2.8 billion) "at current market prices".
Talks between the companies began late last year, shortly before Philips CEO Roy Jakobs unveiled in January 2023 a new strategic plan for the group.
He also announced 6,000 job cuts worldwide as Philips struggles to recover from massive losses due to recalls for faulty sleep respirators, prompting several lawsuits in the United States that have dented its reputation.
"The path of change taken by Philips in recent years has created a company that combines two areas—health care and technology—to which we are committed," Exor boss John Elkann said.
The Agnelli family, owners of Italian icons Ferrari and the Juventus football club, has recently expanded into health care, with stakes in the French biotechnology group Merieux and the Italian hospital operator Lifenet.
The deal was well received by investors, with Philips stock climbing 4.6 percent to 19.34 euros in morning trade in Amsterdam.
© 2023 AFP
