Exor (Photo: Pablo García Roza/Wikimedia Commons) Exor (Photo: Pablo García Roza/Wikimedia Commons)
Tuesday, August 23, 2016 - 12:40
Italian billionaire family moving business to Amsterdam
The very, very wealthy Agnelli family is moving the headquarters of Exor - the holding company for the Italian family's interest in Fiat, Ferrari and Juventus - from Italy to Amsterdam Zuidoost. The move from the Turin to Amsterdam is routed in economic advantages, Het Parool reports. Exor has a market value of 12 billion euros, which the Agnelli owns 55 percent of. Exor holds shares of some of the world's best known brands including Fiat Chrysler, Ferrari, football club Juventus, magazine The Economist and CNH Industrial. According to Exor, establishing a Dutch NV "better reflects the global nature of the Erox Group and its shareholders", the company said in a statement. "The board believes that Exor through a Dutch holding can be more flexible in retrieving capital or can make better acquisitions and strategic investments in the future." Fiat Chrysler, Ferrari and CNH Industrial are already based in the Netherlands, making Exor's decision to move even easier. SOMO, the center for research on multinational corporations, is not surprised that Exor chose the Netherlands. According to researcher Katrin McGauran, the Exor chose the Netherlands "because of the favorable tax climate and softer rule pressure", she said to the newspaper. The Netherlands has tax treaties with over 100 countries, which include favorable taxes on royalties and dividends. "In the Netherlands multiple types of shares with different voting rights can also be placed. In this way a major shareholder can better control his hold on his interests."