exor to concentrate on more global investments
Last Updated : GMT 02:05:35
Arab Today, arab today
Arab Today, arab today

Exor to concentrate on more global investments

Arab Today, arab today

Arab Today, arab today Exor to concentrate on more global investments

Turin - ANSA

The Agnelli family\'s financial arm Exor, through which it controls Fiat-Chrysler, intends to make fewer investments and focus more attention on those that are more competitive, Exor chairman John Elkann told a company meeting on Tuesday. \"We intend to continue to monitor our investments and to further simplify them. Our target is to reduce the perimeter of our activities,\" the 36-year-old industrialist and great-great grandson of Fiat founder Giovanni Agnelli said. \"We believe it is important to engage in fewer activities and to do this on a worldwide basis. We have progressively followed this path with the sale of Alpitour and expansion in Chrysler,\" he added. In his report to shareholders, Elkann said Exor could sell off between 225-250 million euros in investments, adding that \"we do not have a precise timetable for this and want to find the most opportune solutions for each single subsidiary\". Through Fiat, Exor also controls the automotive marques Chrysler, Ferrari, Maserati, Alfa Romeo and Lancia, as well as the Fiat spinoff Fiat Industrial that produces farm and earth-moving equipment, trucks and buses. The holding company also has controlling stakes in Serie A soccer champions Juventus as well as in several investment companies, banks and publishing companies. An investment Exor intends to expand in is itself, Elkann said, because \"the shares we have bought back and those we intend to buy back are not only necessary for stock option plans but also represent a good investment\". According to the Exor chairman, the Agnelli family holding company continues to examine proposals to simplify its stock capital along the same lines it followed when it spun off Fiat Industrial, when it eliminated savings and preferred shares, although this will not be simple nor imminent. \"We saw the way the market reacted positively to the simplification of Fiat capital. Merchant banks continue to offer proposals that we examine with attention,\" Elkann said. \"The current structure of Exor\'s capital reflects our history. From the merger of IFI-IFIL we inherited not only common shares but also preferred and savings shares\". In regard to Italy, the chairman said \"Exor will continue to invest in Italy. In the past five years, during a period of crisis, Fiat Industrial invested three billion euros and Fiat almost 10 million euros. But we cannot be obliged to invest, the country has to want us investment, too\". Fiat has promised to invest 20 billion euros in the Italian automobile sector but on the condition that it be allowed to revise labor contacts in order to boost productivity. This has resulted in clashes with unions and a break with the national industrialists association Confindustria. Nevertheless, Fiat has been able to renegotiate contracts for several of its plants and in return has moved from Poland to Italy the production of its best-selling Panda city car. During the shareholders\' meeting, Elkann said Exor had also examined the feasibility of investing in Formula One car racing but had determined that the cost was too high. Tuesday\'s shareholders\' meeting was held in the new Juventus stadium here, Elkann said, to \"demonstrate what investment means in facts, not words. We wanted to show you in a tangible way how one can respond to a moment of difficulty. This stadium is an example of what can be done. This is the biggest investment in Turin in a long time and one of the most modern stadiums in Europe today\". \"We also organized it to celebrate a very positive season, that concluded with our winning the championship,\" he added. \"Juve not only achieved great results on the pitch, it also carried out a successful rights issue to increase capital by 120 million euros and we expect revenue to increase over the next year. This will be possible thanks to expanding the stadium area with the inauguration, a few weeks ago, of a museum that is generating positive results in terms of visitor attendance,\" he added. Elkann reaffirmed the company\'s confidence in Juve coach Antonio Conte, who has been placed under investigation in Italy\'s latest match-fixing scandal in connection with his previous post as Siena boss.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exor to concentrate on more global investments exor to concentrate on more global investments

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

exor to concentrate on more global investments exor to concentrate on more global investments

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Jordanian journalist happy of her career

GMT 17:37 2017 Thursday ,23 November

Jordanian journalist happy of her career
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Human form of 'mad cow' disease

GMT 00:11 2017 Friday ,24 November

Human form of 'mad cow' disease
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday