Exor Initiates €500 Million Share Buyback as Asset Sales Strengthen Cash Position
Exor's Financial Moves and Portfolio Overview
Share Buyback Announcement
Sept 22 (Reuters) - Exor, the investment arm of Italy's billionaire Agnelli family, announced a share buyback of €500 million ($572 million) on Tuesday.
Cash Position and Asset Sales
The group said its deployable cash position would rise to around €4 billion, including proceeds from the sale of its interest in Iveco and the planned disposal of Welltec. Exor also reported:
Key Financial Metrics
• A first-half net asset value of €157.9 per share, a decrease of 3.9% from a year earlier..
• A first-half gross asset value of €35.77 billion, down 3.7%.
• A loan-to-value (LTV) ratio of 4.7%
Diversified Holdings
Sector Investments
• Exor's holdings span sectors including autos, healthcare, media and sports through investments in Stellantis, Ferrari, Philips, Juventus and The Economist.
Additional Information
($1 = 0.8748 euros)
(Reporting by Jakob Van Calster; Editing by Jonathan Ananda)