Why Shares in Philips Soared This Week
Shares in medical technology company Koninklijke Philips (NYSE: PHG), also called Royal Philips, rose by 9.5% in the week through Friday morning. The move comes as Philips unveiled a relationship agreement with the Agnelli family's investment company, Exor. One of Europe's most powerful industrial dynasties, the Agnelli family, through Exor, owns significant stakes in Stellantis, Ferrari, CNH Industrial, and Juventus Football Club, among many others.
Exor has already acquired 15% of Philips, and the friendly relationship agreement allows Exor to purchase up to 20% of Philips stock.
In a press release outlining the agreement, Philips CEO Roy Jakobs said, "Exor's investment in Philips, their long-term outlook and increased focus on healthcare and technology, fit well with our strategy and substantial value creation potential."
Source Fool.com
