Venerdì, 19 Ottobre 2018

Exor sells 15% SGS stake for 2 bn euros to Belgium's GBL


Turin, June 3 - Exor S.p.A., the holding company
for the vast assets of the Agnelli family - the dynasty behind
Fiat automobiles - announced on Monday it is ceding its entire
15% stake in the Swiss inspection and certification company SGS
S.A. to the Belgian holding Groupe Bruxelles Lambert S.A. (GBL)
for two billion euros.
Exor will see a consolidated capital gain of about 1.5
billion euros from the deal.
Exor began investing in SGS in 2000 and has had a
consistent presence on its board of directors over the last 13
Over that time, SGS turnover has grown from 2.4 billion to
5.6 billion Swiss francs, and its operating margin has risen
from 154 million to 941 million Swiss francs.
SGS capitalization has roughly quadrupled in that time and
consolidated its position as global leader in the inspection and
certification sector.
Exor said it intended to use the proceeds for further
investment, and said it was proud to have supported the company
over the years, as it consolidated its competitive positioning
and built value for its shareholders.
The late Umberto Agnelli - who managed the Agnelli family’s
investment portfolio at Exor’s predecessor holding company IFIL
- in 2000 sounded out Sergio Marchionne to spearhead a
turnaround at SGS S.A., which had just suffered a heavy loss of
Swiss government contracts, according to the book “Mondo
Agnelli: Fiat, Chrysler, and the Power of a Dynasty” by Jennifer
Marchionne joined SGS as a board member in 2001 and as CEO
in 2002, Clark wrote, and then recruited from SGS to head Fiat
in 2004.
Marchionne is currently SGS chairman and will remain in his
post after the change in stakeholders of reference, SGS
The transaction is expected to be finalized by June 10.
Exor is selling 1,173,400 shares in SGS for 2,128 Swiss
Francs per share to the company Serena, entirely owned by GBL.
GBL is a Belgian industrial holding company and has been
listed in Brussels since 1956. It is one of Belgium’s ten
largest companies and is part of the BEL20 index.

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