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Exor to buy stake in Rothschild

Exor, a holding company controlled by Italy’s Agnelli family, will buy a stake in the Rothschild Group, making good its announcement earlier this month that it will focus on taking “minority stakes” in strong businesses.
Exor, headed by John Elkann, is to buy a stake in Rothschild © Press Association

Exor, a holding company controlled by Italy’s Agnelli family, will buy a stake in the Rothschild Group, making good its announcement earlier this month that it will focus on taking “minority stakes” in strong businesses.

A spokeswoman for Exor confirmed to CampdenFB that the company, chaired by family member John Elkann, is looking to buy shares in Paris Orleans, the holding company of the Rothschild Group.

“No public statement [from the family] is expected, but the timing of the deal is expected to be the beginning of June,” she added.

Her comments follow a report in Reuters, which, citing an unnamed source, said Exor will buy a stake of an undisclosed size in Paris Orleans. It is believed that the stake is unlikely to be large.

The move follows recent news that Rothschild is to consolidate its British and French operations to ensure longevity of family control.

It is also understood that the deal with Exor is not completed and is part of the “reorganisation” of Paris Orleans.

If the deal does go ahead, it will link two of Europe’s most powerful business dynasties. The Rothschild family’s interest in finance dates back to the end of the 18th century, while Fiat, approximately 30% owned by Exor, was founded by Giovanni Agnelli and other investors in 1899.

Fifth-generation Elkann recently said in a letter to investors that Exor was contemplating “investing smaller amounts” if there is a chance to gain a minority stake “in a good business at attractive valuations”.

The Exor spokeswoman added that his letter can be used to “understand the rationale of this investment [in Rothschild]”.

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