Fiat’s Agnelli family snaps up 15% stake in Philips

The Italian investment firm Exor has bought 15 percent of Philips’ shares, the two companies announced on Monday. According to ANP, the 15 percent Philips shares cost Exor around 2.6 billion euros and made the Italian investment company the largest shareholder of the healthcare technology group in one swoop. “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 CEO John Elkann said. Philips CEO Roy Jakobs said that Exor’s investment and long-term outlook fit well into the healthcare tech company’s strategy. “With our market leadership positions and people-centric innovation capabilities, Philips is well positioned to deliver on our purpose to improve the health and well-being of people, creating value for all stakeholders.” Feike Sijbesma, chairman of Philips’ supervisory board, pointed out Exor’s “successful track record and clear strategy to grow and develop in healthcare technology.” According to him, “Exor’s substantial investment underlines their confidence in Philips’ transformation into a healthcare technology company and its growth and value potential.”