The new holding company of Italy’s Agnelli family is to begin trading on 1 March 2009. Exor, which is the entity created by the merger of IFI and IFIL, is to be listed on the Italian stock exchange.
IFI is the family’s current financial holding company that in turn owns IFIL, the investment vehicle that controls a diverse range of interests including a 30% stake in automaker Fiat, a 72% stake in real estate firm Cushman & Wakefield and 60% of football club Juventus. Ultimate holding company Giovanni Agnelli e Cie owns 100% of IFI and 73% of IFIL.
The merger, announced last November and approved by shareholders on 1 December, simplifies this structure, and Giovanni Agnelli e Cie will now own 59% of Exor’s ordinary shares and have 53% of its overall voting control.
The investment capability of Exor will not change following merger according to documents released by the company.
John Elkann (pictured), the 32-year-old great-great-grandson of the Fiat founder Giovanni Agnelli and current IFI chairman becomes Exor’s first chairman.
IFIL ushers in next Agnelli generation