Exor Approves EUR1 Billion Buyback
14 September 2023 - 3:24AM
Dow Jones News
By Mauro Orru
Exor on Wednesday approved a share buyback program of 1 billion
euros ($1.08 billion) to be completed over the next 12 months, as
the group seeks to make the most of its current value to invest in
its own companies.
The investment company, which holds stakes in a number of
companies such as car makers Ferrari and Stellantis, made the
announcement after its net profit for the six months ended June 30
surged to EUR2.16 billion from EUR265 million in last year's first
half, an improvement that the group attributed to results of its
subsidiaries.
"The board believes that the current value of Exor provides an
attractive opportunity to invest in its own companies through
buying back shares," it said.
Exor's net asset value increased to EUR34.19 billion at the end
of June from EUR28.23 billion at the end of December last year.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
September 13, 2023 13:09 ET (17:09 GMT)
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