(RTTNews) - Royal Philips (PHG), a health technology company, and Exor N.V., an investment company, announced that they have agreed to update their long-term relationship agreement.
Royal Philips provides image-guided therapy, diagnostic imaging, ultrasound, monitoring, and enterprise informatics and made approximately 18 billion euros in sales in 2025. Exor is the largest shareholder in companies including Ferrari, Philips, CNH and Stellantis.
In August 2023, Royal Philips and Exor entered into a relationship agreement, under which Exor bought a 15% shareholding in Royal Philips to provide committed support for their long-term value creation plans, with the right to propose one member to the supervisory Board, subject to several customary conditions.
With the latest update, Exor can now increase its Royal Philips stake to 22%, up from 20%, with further increases subject to Royal Philips' supervisory board approval.
In addition, governance arrangements remain unchanged, including Exor's right to nominate one member of the Royal Philips supervisory board.
Feike Sijbesma, Chairman of the supervisory board of Royal Philips, said, "Exor's long-term commitment underlines its confidence in Philips and its strategy."
PHG has traded between $23.85 and $33.44 over the last year. The stock closed Monday's trade at $26.94, up 0.79%.
In the pre-market, PHG is up 1.60% at $27.36.
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