The Italian billionaire family behind Ferrari and Stellantis, bolster their stake in Philips to $4.19 billion [Fortune]
Stellantis N.V. Common Shares (STLA)
Company Research
Source: Fortune
The Agnellis' Exor NV now owns 17.51% of Philips, according to a US regulatory filing late Tuesday. It held 16.1% as of May 16 and was already the company's largest shareholder. Exor is the holding company for the Agnelli family, which founded Italian automaker Fiat. It amassed a 15% stake in Philips in 2023 as it began diversifying into healthcare, technology, financial services and luxury goods. The deal gave Exor the ability to increase its stake in the maker of ventilators and cardiographs to 20%. The increased investment in Philips demonstrates more confidence in the Dutch company, which in April settled claims in the US linked to its faulty sleep apnea devices. Philips has in recent years been navigating a recall of the sleep-therapy machines over concerns of disintegrating noise-canceling foam that patients inhaled. Exor acquired 19.5 million additional Philips shares for about €481 million ($514 million), according to Tuesday's filing. It has spent about €3.3 billion in
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