TURIN. With the proceeds from the sale of PartnerRe, Exor, the holding company of the Agnelli family, will have 9 billion euros in cash to invest, available in the middle of next year. President John Elkann said this during the meeting with the press on the occasion of Investor Day. «In all, there are ten billion. We plan to use 500 million for a buy back and to reduce the debt from 4.5 to 4 billion at the end of 2022. We still have 9 billion euros that we will invest in the sectors of greatest interest: healthcare, luxury and technology ”, explained Elkann.
On Armani, Elkann clarified that the fashion company is not for sale: «We have professional relationships with Armani as an entrepreneur and with Armani as a company. Armani is not for sale. Let’s stop with these rumors because they disrespect this company that is not for sale ». Liquidated the rumor, circulated in recent months, of a possible purchase: “They are disrespectful rumors that make no sense,” he cut short.
Elkann then also spoke about Juventus. “In the ongoing investigations – he explained – the company is collaborating with the investigators and is confident that light will be shed on all the aspects investigated. I am confident in the work of the judiciary ». The president of Exor, the holding company that has Juventus among its subsidiaries, added: “In dealing with the difficulties, we are strengthened”, referring to the results below expectations and to the corporate difficulties for the investigation on capital gains.
On the future, his idea wants to avoid pessimistic readings of this phase, also from the sporting point of view: “Juventus has a new board of directors, a new managing director, a new sporting director, a new coach who, with the vice president and the president , are addressing problems on and off the pitch. For every company there are difficult moments, it is important to face them. This is what is happening at Juventus. I am convinced that the future will be as important as the past ».
On strategies, more generally, Elkann observed: «Today there is no plan by Giovanni Agnelli to imagine selling significant shares of Exor. Multiple voting rights are a right of all shareholders and this is one of the advantages in the Netherlands of creating long-term shareholder incentives, and this is also valid for other Dutch companies that Exor owns. It is a fact of all shareholders, to encourage long-term shareholding which is in our medium to operate ».