The Agnelli family takes back the medical circuit: approved to increase Philips (PHG.US) holdings to 22%, with an investment market value approaching 5 billion euros

The Zhitong Finance App learned that Dutch medical technology company Philips (PHG.US) and its largest shareholder, Exor Group under the Italian Agnelli Family — announced on Tuesday that the two sides have extended the shareholder agreement to raise Exor's shareholding limit in Philips from 20% to 22%, and allow it to further increase its holdings after obtaining approval from the Supervisory Board. The move marks a further increase in the bet on the medical technology sector under the leadership of CEO John Elcan, the giant that founded Fiat.

Under the latest agreement, Exor is given more room to operate and can increase its shareholding ratio from the current maximum of around 19% to 22%. If this ratio is required, permission from the Philips Supervisory Board is required. The current market value of Philips shares held by Exor is close to 5 billion euros (about 5.8 billion US dollars), making it the second largest investment in the family after Ferrari (RACE.US). Philips' product line includes MRI scanners, advanced medical imaging systems, and even electric toothbrushes.

The Agnelli family first purchased 15.1% of Philips shares in August 2023, at a cost of around 2.6 billion euros. At the time, Philips was still struggling to deal with large-scale sleep apnea device recalls dating back to 2021, and Exor's high-profile shareholding was seen as a vote of confidence in management. Since then, the family has increased its holdings several times, most recently increasing its shareholding ratio to 19% in 2025. Since Exor became the largest shareholder, Philips' stock price has cumulatively increased by nearly 25%.

This deepening of ties also reflects the Agnelli family's strategy of continuous transformation from traditional automobile manufacturing to the fields of technology, healthcare, and luxury goods under the leadership of John Elcan. In addition to Philips, Exor also holds 10% of the French biotech company Institut Mérieux (Institut Mérieux) and important shares in the high-end footwear brand Christian Louboutin (Christian Louboutin).

Ercan said in a statement that the updated agreement reflects Exor's strong commitment as a long-term shareholder. Philips CEO Roy Jacobs said the arrangement highlights the company's potential for value creation. According to the agreement, the governance structure of the two parties remains unchanged, and Exor still reserves the right to nominate a member to the Philips Supervisory Board.

After the news was announced on Tuesday, Philips' stock price in Amsterdam rose 2.1% intraday. However, the stock has recently been pressured by the company warning of rising cost pressure for key components of advanced medical scanners. At the same time, Philips is still struggling to escape the impact of the sleep apnea device recall crisis in the US market.