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Politics / 2 years ago
Dutch Firm Sneezes Out $2.8 bln to Snag 15% of Philips: Promises to Stick Around!
Exor NV invests $2.8 billion for 15% stake in Philips, promising long-term partnership in the world of healthcare technology.
AMSTERDAM - In a move that has eyebrows raised higher than Dutch flood defences, investment firm Exor NV has bagged a 15% share of healthcare technology behemoth Philips in a tremendous 2.6 billion euro ($2.84 billion) deal. This, apparently, is what the Dutch endearingly term as "kofschip uitstappen", which ironically translates to "stepping out of the coffeeshop". Apparently, the high stakes world of corporate finance involves more than just pot and tulips. Although the deal took place on the oh-so-casual setting of the open market, insiders confirm that Philips and Exor already shared a cosy relationship. How cosy? Well, let's say "wooden clogs and windmill" cosy. Philips, known for turning your home into a sentient machine ready to take over the world, has humbly embraced this investment. "Exor's substantial investment underlines their confidence in Philips' transformation into a h...," an official statement read, before petering out into a cliff-hanger ending. We can only hope that the "h" stands for 'home appliances that won't turn rogue'. Exor plays coy as well; while it's not yet clear as to what they plan to do with their new Philips stake, they have announced their intent to be a long-term shareholder, rejecting any hit-and-run impressions. Comforting, isn’t it? Now you know who's going to be around should your intelligent fridge start demanding equal rights in the future. Do stay tuned for riveting scenes of this corporate drama. How long Exor plans to stick around or if Philips is planning to further transform into a sentient being, only time will reveal. 'Till then, the world shall continue spinning, much like a Philips blender.
posted 2 years ago

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Original title: Exor takes 15% stake in Philips for around $2.8 bln

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