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Italy’s billionaire Agnelli family has acquired a 15 per cent stake in Dutch conglomerate Philips, promising to back the group’s effort to shift away from consumer electronics to healthcare.
As part of the deal announced on Monday, Exor, the Agnelli’s holding company, can increase its stake to 20 per cent. Exor said it intended to be a “long-term minority investor”.
Philips, which was founded 132 years ago, is counting on a shift from electronics towards health technology to help revive a share price that has tumbled more than 60 per cent since April 2021.
John Elkann, the chief executive of Exor, said: “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.”
Exor said it acquired the 15 per cent stake through “on-market” purchases of the stock and existing Philips shareholders would not be diluted.