EXOR PUBLISHES HALF-YEAR REPORT AND ANNOUNCES €500 MILLION SHARE BUYBACK

"The reshaping of our portfolio has continued. We are pleased with this year's divestments and the returns they have delivered, and equally pleased to have found good homes for these companies with owners who can take them forward into their next phase of growth," Exor CEO John Elkann said. "Our shares meanwhile continue to trade at a substantial discount to NAV and, in addition, don’t reflect our assessment of the intrinsic value of our portfolio. As share purchases are a crucial part of our capital allocation strategy, we are launching a buyback program of up to €500 million,” he said.