Exor cleared to raise Philips stake to 22% under revised shareholder agreement

Exor (EXOR), the investment vehicle of Italy's Agnelli family, has updated its shareholder agreement with Philips (PHG) to permit it to increase its holding in the Dutch health technology company to as much as 22%, up from a previous ceiling of 20%.

Exor last raised its stake — to 19% — in 2025. Any increase beyond the new 22% threshold would require approval from Philips' supervisory board.

"The updated agreement reflects our continued commitment to Philips as its largest shareholder," said Exor chief executive John Elkann.

Exor first disclosed a 15.1% stake in Philips in August 2023, a move widely seen as a vote of confidence in the company at a time when it was still navigating the fallout from a major product recall dating to 2021. Philips shares have risen nearly 25% since Exor became its largest shareholder.