MILAN -The Agnelli household’s Exor holding firm stated on Friday it could transfer the buying and selling of its shares to the Amsterdam bourse from Milan to align with its authorized construction as a Dutch registered firm.
Exor has no operations in Italy, however the transfer might irk politicians after a string of blue-chips ditched the nation in favour of the Netherlands for his or her authorized headquarters lately.
Exor is the one largest investor in carmaker Stellantis and the controlling shareholder of firms together with Ferrari, CNH Industrial and Serie A soccer workforce Juventus.
Ferrari and Stellantis, in addition to its predecessor Fiat Chrysler, have all picked the Netherlands as their authorized base, whereas maintaining related operations in Italy.
“This additional simplification of Exor’s organisational construction will consequence within the firm being overseen by a single nation regulatory authority,” Exor stated in a press release.
The transfer is topic to the approval of Dutch market regulator AFM and the admission to itemizing and buying and selling by Euronext Amsterdam, which is anticipated to turn out to be efficient by mid-August, Exor stated.
It added it could later request the delisting of its shares from the Milan bourse. This may turn out to be efficient not sooner than 45 days after submitting the request. Throughout that interval, shares might be listed each in Amsterdam and Milan, Exor stated.
Exor added that it needed to proceed with a share buyback program introduced in March, with a second tranche of as much as 250 million euros ($255 million) to be executed on each the Amsterdam and Milan bourses.
($1 = 0.9803 euros)
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