AMSTERDAM, June 26 (Reuters) - Philips shares were up more than 2.5% Wednesday in the wake of a U.S. Securities and Exchange Commission (SEC) filing showing Exor, the investment arm of Italy's Agnelli family, has increased its stake in the Dutch healthcare technology group.
According to that Tuesday SEC filing, Exor now owns 17.51% of Philips, up from 15.1%, strengthening its position as top investor of the group.
Exor bought that 15.1% stake in Philips less than a year ago, a move then seen as a vote confidence in the Dutch company, which was at that time in the late stages of a huge product recall that began in 2021.
A final deal on the sleep apnea machines was reached in the U.S. two months ago.
At 0915 GMT, Philips shares gained 2.44% to 24.36 euros, outperforming the Dutch AEX blue chip (+0.36%). Since the start of the year, Philips is up almost 20% after gaining 57% in 2023 but losing 68% over the 2021-2022 period.
Reporting by Toby Sterling and Benoit Van Overstraeten; Editing by Louise Heavens
Source: Reuters