Exor Votes to Leave Italy

Exor SpA, the Agnelli family holding company that controls Fiat Chrysler Automobiles NV, has elected to relocate its fiscal and legal headquarters to the Netherlands.

John Elkann, who chairs Exor and FCA, tells reporters the move is a “natural progression” and not a fiscal ploy to avoid taxes, the Financial Times reports. He says Exor’s aim is to simplify its structure by having the “container” that is Exor follow the “contents” that are the company’s holdings.

Exor’s FCA, CNH Industrial and Ferrari units all became Netherlands corporations in the past few years. Their fiscal residences are in the U.K. (FCA and CNH) and Italy (Ferrari). All three have maintained their listings on the Milan stock exchange.