The MILAN Reuters holding company of Italy's Agnelli family will have around 9 billion euros $10.2 billion available for investments next year when it completes the sale of partnerRe, Chief Executive John Elkann said on Tuesday.
The company will make available another 500 million euro to spend on a share buyback between 2022 and 2024 and 500 million euros to reduce debt next year to 4 billion euros, Elkann said.
In October, Exor signed a preliminary agreement to sell PartnerRe to French insurance group Covea for $9 billion in cash, reviving a deal that had been hampered by the coronaviruses. The deal is expected to be completed in mid- 2022.
Elkann, the scion of the Agnelli family, said Exor would spend its cash on companies it already owns and new investments focusing on the luxury, healthcare and technology sectors, especially in North America and Europe, but also Asia, ahead of a presentation of the company's strategy for the coming years.
He said that the company will remain open to other industries and geographies.
Exor is the largest shareholder in Stellantis, and owns stakes in luxury sports car maker Ferrari and industrial vehicle maker CNH Industrial. It also has a controlling stake in the Serie A soccer team, Juventus.
Elkann dismissed rumours of an interest in Italian luxury group Armani.
We have an excellent relationship with Giorgio Armani and his group. He told journalists that despite the fact that the company is not for sale, it's important that rumours on our potential interest for it end.
Exor became the largest shareholder in the Chinese luxury group Shang Xia last year, co-founded by France's Hermes, and took a 24% holding in luxury shoemaker Louboutin in March for 540 million euros, fuelling speculation that there could be further expansion in the luxury space.