{"id":12741,"date":"2023-04-17T10:32:45","date_gmt":"2023-04-17T10:32:45","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/exor-picks-nohria-as\/"},"modified":"2023-04-17T10:33:41","modified_gmt":"2023-04-17T10:33:41","slug":"agnellis-exor-eyes-further","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/agnellis-exor-eyes-further\/","title":{"rendered":"Agnellis&#8217; Exor eyes further healthcare investment for expansion"},"content":{"rendered":"<p>By Giulio Piovaccari<\/p>\n<p>MILAN (Reuters) -Exor the holding company of Italy&#8217;s Agnelli family, will seek further opportunities to expand in healthcare after investing almost one billion euros ($1.1 billion) in the industry last year, CEO John Elkann said on Monday.<\/p>\n<p>After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in cash available for investments, including 5 billion euros for acquisitions.<\/p>\n<p>It has already said its M&amp;A activity would mainly focus on healthcare, luxury and technology businesses.<\/p>\n<p>Last year Netherlands-based Exor bought a 10% stake in French healthcare group Institut Merieux for 833 million euros and a 45% stake in Lifenet Healthcare, an Italian company managing hospitals and outpatient clinics, for 67 million euros.<\/p>\n<p>Elkann, the scion of Agnelli family, said the healthcare industry would continue to expand in the long term as the world&#8217;s population was projected to age.<\/p>\n<p>He said Exor would rely on the Merieux family&#8217;s expertise as it searched &#8220;for future healthcare opportunities, in particular within the fields of genomics, proteomics, life science tools, imaging and instruments&#8221;.<\/p>\n<p>Through its venture capital arm Exor Ventures, Exor was also developing partnerships with healthcare companies at an early stage of their development, Elkann said. <\/p>\n<p>NEW CHAIRMAN<\/p>\n<p>Exor is the single largest investor in carmaker Stellantis and has controlling stakes in companies including Ferrari, CNH Industrial and soccer club Juventus.<\/p>\n<p>Earlier on Monday Exor said Indian-born Ajay Banga, the U.S. nominee to run the World Bank, would not seek reappointment as its non-executive chairman and proposed Nitin Nohria for the role.<\/p>\n<p>Nohria, a Harvard Business School professor with an academic focus on leadership and corporate performance, is the executive chairman of U.S. venture capital firm Thrive Capital and is a board member of companies including Anheuser-Busch InBev.<\/p>\n<p>His nomination will have to be backed by shareholders at their general meeting on May 31, Exor said as it presented its full year results. <\/p>\n<p>It said its profit rose to 4.227 billion euros ($4.64 billion) last year, from 1.717 billion euros in 2021 mainly due to the net gain it booked from the 8.6 billion euro sale of PartnerRe. ($1 = 0.9113 euros)<\/p>\n<p> (Reporting by Giulio PiovaccariEditing by Keith Weir)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/exor-picks-nohria-as\/illustration-shows-exor-logo\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3G06L-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3G06L-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Giulio Piovaccari MILAN (Reuters) -Exor the holding company of Italy&#8217;s Agnelli family, will seek further opportunities to expand in healthcare after investing almost one billion euros ($1.1 billion) in the industry last year, CEO John Elkann said on Monday. After completing the sale of its reinsurer PartnerRE, Exor has around 6.5 billion euros in [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":12742,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[1223],"class_list":["post-12741","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business","tag-updated"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3G06L-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12741","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=12741"}],"version-history":[{"count":3,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12741\/revisions"}],"predecessor-version":[{"id":12925,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/12741\/revisions\/12925"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/12742"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=12741"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=12741"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=12741"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}