Goldman Sachs' Derivative Assistance Helps Exor Secure $2.8B Philips Stake
TL;DR Summary
Investment company Exor, the investment arm of Italy's Agnelli family, was able to acquire a 15% stake in Dutch healthcare group Philips without triggering disclosure requirements, thanks to derivatives deals facilitated by Goldman Sachs. Regulatory filings revealed that Exor initially purchased a stake of 2.99% in Philips, just below the reporting threshold, and Goldman Sachs took a 12.11% stake using a derivatives structure. The transaction, seen as a vote of confidence in Philips, boosted the company's shares. Exor and Goldman Sachs declined to comment on the details of the arrangement.
- Goldman Sachs used derivatives to help Exor build $2.8 bln Philips stake, filings show Reuters
- Questions over Goldman Sachs role in Philips Exor deal: FD DutchNews.nl
- Italian billionaires behind Ferrari, Juventus drop $2.8B to become Philips' largest shareholder FierceBiotech
- Pressure grows on Russia's economy Financial Times
- Agnelli family's Exor buys $2.8 bln stake in Philips Reuters
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