Agnelli family's Exor can raise Philips stake to 22% under updated agreement

Exor, the Agnelli family’s investment arm and Philips’ largest shareholder, has extended its agreement with the Dutch health-technology company and can raise its stake to as much as 22%, the firms said Tuesday. Exor’s initial holding of 15.1% was announced in August 2023, when Philips was still working through fallout from a major product recall dating back to 2021. Since Exor became the biggest shareholder, Philips shares have gained nearly 25% in value. Philips makes products from medical imaging systems to toothbrushes.