MILAN, March 24 (Reuters) - Exor Chief Executive John Elkann indicated on Tuesday the investment company of Italy's Agnelli family would not launch further share buyback deals this year, as it seeks to preserve liquidity in a highly uncertain environment.
Elkann, the Agnelli scion, earlier on Tuesday told Reuters Exor was in no rush to spend its 3.5-billion-euro ($4.1 billion) war chest for investments as the Iran conflict and disruption from artificial intelligence was stoking volatility.
"As of now, we believe that cash is king, and it is a moment where making sure that we do have a fortress balance sheet is important. And that is also the case for our companies," Elkann said in a post-earnings call, replying to a question on possible buybacks in 2026.
The CEO said Exor pursued buy backs aggressively in the past four years, for a total of 2.5 billion euros, an amount close to 15% of its capital, which he described as "a way to invest in ourselves".
"We believe that our companies are all with very strong balance sheets, which is the most important thing when you do enter in uncertain times, as we have learned in the past," he said.
($1 = 0.8636 euros)
(Reporting by Giulio Piovaccari, editing by Alvise Armellini)
Mr. John Jacob Philip Elkann is a Chairman at Stellantis NV, a Chairman at GEDI Gruppo Editoriale SpA, a Chairman & Chief Executive Officer at EXOR NV, an Executive Chairman & Chief Executive Officer at Ferrari NV, a Chairman & Chief Executive Officer at Exor NV (Private Equity), a Chairman at Giovanni Agnelli e C. SapA, a Chairman at Fondazione Giovanni Agnelli, a Chairman at Giovanni Agnelli BV, a Chairman at Italiana Editrice SpA, an Executive Chairman at Ferrari SpA and a Member at The Brookings Institution. He is on the Board of Directors at Aspen Institute Italia, Fondazione Italia Cina and The Museum of Modern Art. Mr. Elkann was previously employed as a Chairman by Fiat Chrysler Automobiles NV, a Co-Chairman by Cushman & Wakefield, Inc., a Chairman by C&W Group, Inc., an Independent Non-Executive Director by News Corp., a Senior Non-Executive Director by CNH Industrial NV, a Non-Executive Director by Fiat Industrial SpA, a Non-Executive Director by The Economist Newspaper Ltd., a Non-Executive Director by The Economist Group Ltd., a Chairman by IFIL Investments SpA, a Chairman by Editrice La Stampa SpA, a Chairman by Istituto Finanziario Industriale SpA, a Non-Executive Director by RIT Capital Partners Plc, a Chairman & Chief Executive Officer by Exor SpA, a Member-Group Audit by General Electric Co., a Chairman by Fiat SpA, a Co-Chairman by C&W Group, Inc., a Member-Executive Board by Confindustria, a Non-Executive Director by RCS MediaGroup SpA, and a Non-Executive Director by The Economist Newspaper NA, Inc. He also served on the board at PartnerRe Ltd., SGS SA, CA Indosuez Wealth (Italy) SpA, Le Monde SA, Old Town SA and Rinascente Upim SRL. He received his undergraduate degree from Politecnico di Torino.
Exor N.V. is a diversified holding company controlled by the Agnelli family. For over a century, Exor N.V. has built great companies and made successful investments worldwide with a culture that combines entrepreneurial spirit and financial discipline.
With a Net Asset Value of around EUR 33.2 billion, its portfolio is principally made up of companies in which Exor N.V. is the largest shareholder: Ferrari N.V. (construction and sale of luxury sports vehicles), Stellantis N.V. (construction of automobiles, utility vehicles, and construction and agricultural vehicles and equipment), CNH Industrial (design and manufacture of commercial vehicles and agricultural and construction equipment), Juventus Football Club (operation of a soccer club), Iveco Group N.V. (design, manufacture and marketing of commercial and specialized vehicles and transmission systems), The Economist (newspaper and magazine publishing), GEDI Gruppo Editoriale (newspaper and magazine publishing), and SHANG XIA (design of luxury furniture, homeware, apparel, leather goods, jewelry and accessories).
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