Exor lifts stake in Philips to 18.7%, SEC filing shows

AMSTERDAM (Reuters) -Exor NV, the investment arm of Italy's Agnelli family, has increased its stake in health technology company Philips to 18.7%, a filing at the U.S. Security and Exchange Commission showed.

Exor previously held 17.51% of Philips' shares, and was already the top investor in the Dutch maker of products ranging from medical imaging systems to toothbrushes.

Exor was not immediately available for comment.

Philips said it had no comment on the "independent decision" by Exor, but in general said it appreciates the confidence shown by long-term investors in increasing their stakes.

Exor bought an initial 15.1% stake in Philips in August 2023, a boost at a time when the company was still grappling with a huge product recall dating back to 2021.

In the year following that investment, Amsterdam-listed shares in Philips jumped almost 50%, also supported by a final deal on its sleep apnea machines reached with the U.S. government last year.

But in the last six months, around half of these gains have disappeared as the company reported persistently weak sales in China.

Exor, whose investments include manufacturing, media, fashion, sport and technology, has said it has a growing interest in the healthcare industry.

(Reporting by Toby Sterling and Bart Meijer, additional reporting by Giulio Piovaccari, Editing by Louise Heavens and Mark Potter)