MILAN, March 24 (Reuters) - Exor Chief Executive John Elkann indicated on Tuesday the investment company of Italy's Agnelli family would not launch further share buyback deals this year, as it seeks
Exor Prioritizes Cash Over Buybacks Amid Uncertain Global Market Conditions
Exor's Strategic Financial Decisions in a Volatile Market
Exor Holds Back on Share Buybacks to Preserve Liquidity
MILAN, March 24 (Reuters) - Exor Chief Executive John Elkann indicated on Tuesday the investment company of Italy's Agnelli family would not launch further share buyback deals this year, as it seeks to preserve liquidity in a highly uncertain environment.
Global Uncertainty Influences Investment Approach
Elkann, the Agnelli scion, earlier on Tuesday told Reuters Exor was in no rush to spend its 3.5-billion-euro ($4.1 billion) war chest for investments as the Iran conflict and disruption from artificial intelligence was stoking volatility.
Focus on Balance Sheet Strength and Future Strategy
"As of now, we believe that cash is king, and it is a moment where making sure that we do have a fortress balance sheet is important. And that is also the case for our companies," Elkann said in a post-earnings call, replying to a question on possible buybacks in 2026.
The CEO said Exor pursued buy backs aggressively in the past four years, for a total of 2.5 billion euros, an amount close to 15% of its capital, which he described as "a way to invest in ourselves".
"We believe that our companies are all with very strong balance sheets, which is the most important thing when you do enter in uncertain times, as we have learned in the past," he said.
($1 = 0.8636 euros)
(Reporting by Giulio Piovaccari, editing by Alvise Armellini)
