Koninklijke Philips NV (NYSE:PHG) stock rose almost 1% in Tuesday premarket trading after the company extended its long-term relationship with Exor N.V.
(OTC:EXXRF), its largest shareholder.
Exor Can Raise Philips Stake To 22% Under the updated agreement, Exor can increase its stake in Philips to as much as 22% of issued ordinary share capital and voting rights, up from the previous 20% cap.
Exor could raise its holding further with approval from the Philips Supervisory Board.
Governance arrangements remain unchanged, including Exor’s right to nominate one member of the Supervisory Board.
