Significant events


Increase in investment in Welltec

During the year 2017 EXOR acquired a further 6.58% of Welltec for a total consideration of €32.5 million. At 31 December 2017 EXOR held 21.23% of the share capital of Welltec.

Redemption of the investment in The Black Ant Value Fund

In the first half of 2017 EXOR received €353.5 million on the redemption of the entire investment in The Black Ant Value Fund; €17.8 million was received in January 2017 and the residual amount of €335.7 million in June 2017. The redemption resulted in a net total gain of €109.1 million arising from the reversal of the available for sale reserve. The fund, purchased in 2012, had a duration of five years.

Repayment of EXOR non-convertible 2007 - 2017 bonds

On 12 June 2017 EXOR repaid an amount of €440 million related to the residual amount outstanding of EXOR non-convertible bonds 2007-2017 using a combination of available liquid resources and bank debt.

Investment in GEDI Gruppo Editoriale S.p.A.

On 29 June 2017 FCA’s transfer of ITEDI S.p.A to GEDI Gruppo Editoriale S.p.A. (hereafter GEDI) in exchange for new GEDI shares became effective. Subsequently, FCA demerged its GEDI shares into InterimCo BV and liquidated the latter company resulting in the distribution of its GEDI ordinary shares to all FCA shareholders. On 4 July 2017 EXOR received 4.28% of GEDI’s share capital.

In 2017 EXOR also purchased on the market 1.71% of GEDI share capital for a total amount of €6.8 million. Currently EXOR holds 5.99% of the share capital of GEDI.

Agreement for divestment of the entire shareholding in Banca Leonardo

On 7 November 2017 EXOR together with the other major shareholders of Banca Leonardo, a leading independent wealth manager in Italy, announced an agreement under which Banca Leonardo will be acquired by Indosuez Wealth Management, the global wealth management brand of Crédit Agricole group, resulting in the divestment of EXOR’s entire 16.51% shareholding.

The transaction will be completed in the first half of 2018, subject to the approval of the competent authorities.


Commercial Register No.64236277 Legal notes | Credits