Portfolio: John Elkann (pictured), chief exec of Philips’s holding company Exor
The largest shareholders in both Ferrari and Fiat-owner Stellantis has snapped up a 15 per cent stake in beleaguered Philips.
The £2billion agreement includes the opportunity for Italy’s Agnelli family to increase its stake in the electricals group to as much as 20 per cent.
The billionaire dynasty could also land a seat on the Dutch conglomerate’s board through its holding company Exor. John Elkann is Exor’s chief executive and has been on a mission to expand the group’s investment portfolio, which also includes football club Juventus.
Philips has been under pressure since it was forced to recall millions of products because of a technical fault in its machines used to help patients with sleep apnoea to breathe.
In April the company set aside £455million to resolve a class-action lawsuit. Its shares are down by more than 60 per cent since April 2021.
Despite the setbacks, the firm has continued to pivot away from a consumer electronics company to a health one.
Exor’s other investments include The Economist.