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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Exor N.V.    EXO   NL0012059018

EXOR N.V.

(EXO)
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Exor Buys Controlling Stake in La Repubblica Publisher GEDI

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12/03/2019 | 01:24am EST

By Pietro Lombardi

Exor NV has reached an agreement to buy CIR - Compagnie Industriali Riunite SpA's controlling stake in GEDI Gruppo Editoriale SpA, the group that publishes Italian dailies La Repubblica and La Stampa.

Exor, the Agnelli family's holding company, will pay 102.5 million euros ($113.2 million) for a 43.78% stake, which represents a price of EUR0.46 per share, the companies said on Monday.

The deal is expected to be completed by the end of the first-quarter next year.

Exor will launch a public tender offer at a price of EUR0.46 a share through a new company, and CIR will reinvest in the new company and get a 5% stake in GEDI, the companies said.

Exor, currently has a 5.99% stake in GEDI according to FactSet. It also has a 43.4% stake in The Economist.

"We now hand over to a shareholder of the highest calibre, that for over two years participated in the life of the Company, that understands very well the challenges of the publishing business, in which it has already invested in recent years," CIR Chairman Rodolfo De Benedetti said.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
COMPAGNIE INDUSTRIALI RIUNITE S.P.A. -1.12% 1.064 End-of-day quote.14.53%
EXOR N.V. 0.61% 69.22 End-of-day quote.46.47%
GEDI GRUPPO EDITORIALE S.P.A. 0.00% 0.4555 End-of-day quote.31.27%
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Financials (EUR)
Sales 2019 152 B
EBIT 2019 10 234 M
Net income 2019 2 786 M
Debt 2019 2 405 M
Yield 2019 0,67%
P/E ratio 2019 5,93x
P/E ratio 2020 8,69x
EV / Sales2019 0,12x
EV / Sales2020 0,16x
Capitalization 16 030 M
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Mean consensus BUY
Number of Analysts 6
Average target price 75,63  €
Last Close Price 69,22  €
Spread / Highest target 18,5%
Spread / Average Target 9,27%
Spread / Lowest Target -7,54%
EPS Revisions
Managers
NameTitle
John Jacob Philip Elkann Chairman & Chief Executive Officer
Enrico Vellano Chief Financial Officer
Andrea Agnelli Non-Executive Director
António Mota De Sousa Horta-Osório Independent Non-Executive Director
Laurence Debroux Independent Non-Executive Director
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