Agnelli family's Exor can raise Philips stake to 22% under updated agreement

Aug 11 (Reuters) - Philips' largest shareholder Exor, the investment arm of Italy's Agnelli family, has extended its agreement with the health technology firm, giving it the flexibility to increase its stake to up to 22%, the companies said on Tuesday.

Exor's initial 15.1% stake was announced in August 2023, a vote of confidence at a time when Philips was still grappling with the fallout from a major product recall dating back to 2021. Shares in the Dutch maker of products ranging from medical imaging systems to toothbrushes have gained nearly 25% in value since Exor became its largest shareholder.

Here are some details:

• Under the updated agreement, Exor can raise its stake to up to 22%, from a previous cap of 20%.

• Any increase beyond that is subject to approval by Philips' supervisory board, the companies said.

• "The updated agreement reflects our continued commitment to Philips as its largest shareholder," Exor CEO John Elkann said in a statement.

• Exor last increased the stake to 19% in 2025.

(Reporting by Gianluca Lo Nostro; Editing by Milla Nissi-Prussak)