Exor NV, the Agnelli family's investment arm, has acquired a 15% stake in healthcare technology group Philips for $2.8 billion, becoming its top investor.
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Philips' recovery boost
The deal boosts Philips, which is recovering from a major product recall that slashed its share price.
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Potential stake increase
Exor rapidly purchased shares in recent days. The investor will take a seat on the supervisory board. It will potentially increase its stake to 20%.
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Shares rally 35%
Philips's shares have rallied 35% this year, closing at €19.30 on Monday. It is, however, down from €60 before the product recall.
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Recall lawsuit allocation
The company has allocated €575 million for recall-related lawsuits and is in settlement discussions with the US Department of Justice.