A quiet market debut at Beursplein 5
Today, in relative silence, the Amsterdam exchange welcomes a large new stock exchange fund: Exor. Founded by the Agnelli family, it is an Italian investment company behind the Fiat group. The company is making the remarkable switch from the Milan stock exchange to the one in Amsterdam. It’s a step that may have been prompted by the fact that the Milan stock exchange recently joined the Euronext exchange group.
Exor has 75,000 employees, manages €30 billion, and is a major shareholder of Juventus football club, as well as car groups as Fiat and Ferrari. The official reason for the move to Beursplein 5 is to bring the stock exchange listing and the head office – which has been located on the Amsterdam Zuidas since 2016 – under the same jurisdiction. It is also expected that more trade in the shares can be generated in Amsterdam with its international investors.
Insiders are also aware there are tax reasons and benefits concerning company law, which also prompted the move. There is more room in the Netherlands for the Agnelli family to retain a controlling interest in the group. This is the reason the VEB, the umbrella organisation for private investors, ruled that Exor “doesn’t actually belong on the stock exchange.” And with regard to the tax advantage of the move to Amsterdam: it seems significant that, to make the move to Amsterdam possible, Exor (which has no link with the Netherlands apart from its head office and stock exchange listing) transferred €750 million to the Italian tax authorities in 2016 after some commotion in native country Italy. Given the nature and size of the new fund, it is expected that Exor will join the AEX index soon.