Goldman Sachs' Derivative Assistance Helps Exor Secure $2.8B Philips Stake
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.
