MILAN (Reuters) -The Agnelli family's financial arm Exor reported on Wednesday a fall in the value of its assets and confirmed it was looking to make "significant" new investments after the sale of
Exor Sees Asset Value Decline, Plans Major Investments Post-Iveco Sale
MILAN (Reuters) -The Agnelli family's financial arm Exor reported on Wednesday a fall in the value of its assets and confirmed it was looking to make "significant" new investments after the sale of bus and truck maker Iveco.
Presenting first-half results, Exor said its net asset value fell to 36.4 billion euros ($43.1 billion) from 38.2 billion euros at the end of 2024.
The drop was mainly due to a decline in the value of the companies it has stakes in, which include automaker Stellantis, agricultural and construction vehicle maker CNH and soccer team Juventus, Exor said.
Its net asset value per share rose 0.9% in the period, supported by a 1 billion euro share buyback, outperforming the MSCI World Index, which is taken as a reference.
Exor, which has investments spanning manufacturing to media and fashion to healthcare and technology, in July agreed to sell Iveco to India's Tata Motors, and Iveco's defence business to Italian state backed group Leonardo. The deal will generate around 1.5 billion euros in total cash proceeds in 2026.
Exor is "well-positioned to seize significant investment opportunities", it said on Wednesday.
Reuters reported last month that the sale would boost Exor's coffers to more than 4 billion euros.
The family holding, which also controls luxury sports-car maker Ferrari and is the largest investor in Philips, posted a 624 million euro loss in the first half of this year.
($1 = 0.8442 euros)
(Reporting by Giulio Piovaccari, editing by Alvise Armellini, Kirsten Donovan)
