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Fiat Investor Exor Raises €2 Billion from Asset Sale
Exor SpA, the holding company that owns 30.1% of Fiat SpA, has sold its 15% stake in Swiss inspection firm SGS to Belgium's Groupe Bruxelles Lambert SA for 2.5 billion Swiss francs (€2 billion).
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Exor SpA, the holding company that owns 30.1% of Fiat SpA, has sold its 15% stake in Swiss inspection firm SGS to Belgium's Groupe Bruxelles Lambert SA for 2.5 billion Swiss francs (€2 billion).
Exor says it will use the proceeds to pursue "new investment opportunities." The company is the investment vehicle of the heirs of Fiat founder Giovanni Agnelli.
Analysts speculate that Exor is raising cash to be prepared if Fiat succeeds in buying the 41.5% of Chrysler Group LLC it doesn't already own. Fiat has said it intends to merge the two carmakers and might hold an initial public offering to raise capital for the new entity. In that event, Exor would likely need to buy more stock to maintain its controlling interest.
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