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Italy\u2019s billionaire Agnelli family raised its holding in Royal Philips NV, giving it a stake worth $4.19 billion, in a signal of increased confidence in the Dutch medical device manufacturer.<\/p>\n
The Agnellis\u2019 Exor NV now owns 17.51% of Philips, according to a US regulatory filing late Tuesday. It held 16.1% as of May 16 and was already the company\u2019s largest shareholder.\u00a0<\/p>\n
Exor is the holding company for the Agnelli family, which founded Italian automaker Fiat. It amassed a 15% stake in Philips in 2023 as it began\u00a0diversifying<\/a>\u00a0into healthcare, technology, financial services and luxury goods. The deal gave Exor the ability to increase its stake in the maker of ventilators and cardiographs to 20%.<\/p>\n The increased investment in Philips demonstrates more confidence in the Dutch company, which in April\u00a0settled<\/a>\u00a0claims in the US linked to its faulty sleep apnea devices. Philips has in recent years been navigating a recall of the sleep-therapy machines over concerns of disintegrating noise-canceling foam that patients inhaled.<\/p>\n Exor acquired 19.5 million additional Philips shares for about \u20ac481 million ($514 million), according to Tuesday\u2019s filing. It has spent about \u20ac3.3 billion in total for its holding in Philips.<\/p>\n Late last year, Exor Chief Executive Officer John Elkann expressed confidence Philips\u2019 safety-related issues would be resolved. Looking ahead, Exor \u201cneeds to assure that the relationship with Philips proceeds well, of course with the chance to invest more,\u201d he said then.<\/p>\n The increase in the stake is in line with agreements reached in the summer of 2023, Exor\u2019s spokesperson said in emailed comments. The company is the biggest shareholder in Fiat and Jeep owner Stellantis, supercar maker Ferrari, Juventus Football Club and The Economist Group.<\/p>\n Philips didn\u2019t offer additional comment and pointed to its original announcement in 2023. Shares of Philips rose as much as 3.3% in Amsterdam and have gained 20% this year.<\/p>\n<\/div>\nSubscribe to the Fortune Next to Lead newsletter to get weekly strategies on how to make it to the corner office. Sign up for free<\/a>.<\/div>\n<\/div>\n