Portfolio: John Elkann (pictured), chief exec of Philips's holding company Exor

Portfolio: John Elkann (pictured), chief exec of Philips's holding company Exor

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.

#fiveDealsWidget .dealItemTitle#mobile {display:none} #fiveDealsWidget {display:block; float:left; clear:both; max-width:636px; margin:0; padding:0; line-height:120%; font-size:12px} #fiveDealsWidget div, #fiveDealsWidget a {margin:0; padding:0; line-height:120%; text-decoration: none; font-family:Arial, Helvetica ,sans-serif} #fiveDealsWidget .widgetTitleBox {display:block; float:left; width:100%; background-color:#af1e1e; } #fiveDealsWidget .widgetTitle {color:#fff; text-transform: uppercase; font-size:18px; font-weight:bold; margin:6px 10px 4px 10px; } #fiveDealsWidget a.dealItem {float:left; display:block; width:124px; margin-right:4px; margin-top:5px; background-color: #e3e3e3; min-height:200px;} #fiveDealsWidget a.dealItem#last {margin-right:0} #fiveDealsWidget .dealItemTitle {display:block; margin:10px 5px; color:#000; font-weight:bold} #fiveDealsWidget .dealItemImage, #fiveDealsWidget .dealItemImage img {float:left; display:block; margin:0; padding:0} #fiveDealsWidget .dealItemImage {border:1px solid #ccc} #fiveDealsWidget .dealItemImage img {width:100%; height:auto} #fiveDealsWidget .dealItemdesc {float:left; display:block; color:#004db3; font-weight:bold; margin:5px;} #fiveDealsWidget .dealItemRate {float:left; display:block; color:#000; margin:5px} #fiveDealsWidget .dealFooter {display:block; float:left; width:100%; margin-top:5px; background-color:#e3e3e3 } #fiveDealsWidget .footerText {font-size:10px; margin:10px 10px 10px 10px;} @media (max-width: 635px) { #fiveDealsWidget a.dealItem {width:19%; margin-right:1%} #fiveDealsWidget a.dealItem#last {width:20%} } @media (max-width: 560px) { #fiveDealsWidget #desktop {display:none;} #fiveDealsWidget #mobile {display:block!important} #fiveDealsWidget a.dealItem {background-color: #fff; height:auto; min-height:auto} #fiveDealsWidget a.dealItem {border-bottom:1px solid #ececec; margin-bottom:5px; padding-bottom:10px} #fiveDealsWidget a.dealItem#last {border-bottom:0px solid #ececec; margin-bottom:5px; padding-bottom:0px} #fiveDealsWidget a.dealItem, #fiveDealsWidget a.dealItem#last {width:100%} #fiveDealsWidget .dealItemContent, #fiveDealsWidget .dealItemImage {float:left; display:inline-block} #fiveDealsWidget .dealItemImage {width:35%; margin-right:1%} #fiveDealsWidget .dealItemContent {width:63%} #fiveDealsWidget .dealItemTitle {margin: 0px 5px 5px; font-size:16px} #fiveDealsWidget .dealItemContent .dealItemdesc, #fiveDealsWidget .dealItemContent .dealItemRate {clear:both} }

This post first appeared on Dailymail.co.uk

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Sunny Heart Travel: Ex-Thomas Cook staff launch it on 1 March

Opening a travel agent in the midst of a global pandemic may…

UK’s cheapest supermarket for advent calendars this week – including Dairy Milk and Maltesers

THOUSANDS will be heading to the supermarket in the coming weeks to…

Islington records UK’s highest house price growth of 2020 at 13.4%

London boroughs take nine of top 20 places, with Leeds and Wolverhampton…

Wall Street versus the Redditors: the GameStop goldrush – podcast

When a group of amateur investors on a Reddit messageboard began buying…