Already Philips' largest shareholder, Exor previously held a 17.51% stake. This move reflects the investment group's strategic interest, which operates in sectors as diverse as industry, media, fashion, sport and technology. However, Exor declined to comment on the increase in its stake.
Philips' reaction was measured. The company, known both for its medical imaging equipment as for its electric toothbrushes, described the capital increase as an "independent decision". It nevertheless welcomed the confidence shown by its long-term shareholders.
A "scrappy" entry
Exor entered Philips' capital in August 2023, acquiring a 15.1% stake at a time when the company was still reeling from the repercussions of a vast product recall launched in 2021. The announcement of this investment boosted the Amsterdam-listed group's share price, which soared by almost 50%, notably thanks to the conclusion of a final agreement with the American authorities on its sleep apnea treatment devices.
Exor and Philips signed an agreement in 2023 under which the holding company had the right to increase its stake up to 20%.
However, the stock has lost market momentum in the last six months. Half of the gains made since Exor's entry have been wiped out, largely due to the slowdown in Philips' sales in China.
