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- Philips N.V. (NYSE:PHG) (OTCPK:RYLPF) traded ~5% higher in the pre-market Thursday after media reports indicated that Goldman Sachs (GS) helped the European investment firm Exor N.V. (OTCPK:EXXRF) quietly build a 15% stake in the medical device company.
- Philips (PHG) shares gained Monday as investors reacted to Netherlands-based Exor’s investment of about $2.8B, which made it the Dutch MedTech companies’ largest investor overnight.
- According to Dutch financial daily Het Financieele Dagblad, Goldman Sachs (GS) had signed an agreement to provide most of the PHG shares—to build about 12% ownership—while Exor (OTCPK:EXXRF) bought just under 3% on the open market on Friday.
- While investors in the Netherlands are required to disclose significant holdings such as 5% and 10% to the Dutch Financial Market Authority, AFM, in the case of Philips (PHG), Exor could avoid doing so due to its agreement with Goldman Sachs.
- Meanwhile, the updated records at AFM indicated on Thursday that Goldman Sachs (GS) holds 12.11% indirect ownership in Philips (PHG) through a derivative arrangement that includes ~96M call options.
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