By Toby Sterling, Pablo Mayo Cerqueiro and Andres Gonzalez AMSTERDAM (Reuters) - Investment company Exor was able to build a 15% stake in Dutch ...
When a missing dog post isn't actually about a missing dog | SaltWireAMSTERDAM - Investment company Exor was able to build a 15% stake in Dutch healthcare group Philips without triggering the usual disclosures thanks to derivatives deals through Goldman Sachs, regulatory filings show.
Exor's investment was seen as a vote of confidence in Philips and boosted the Dutch company's shares. But the transaction was carried out without triggering disclosures normally required under Dutch financial market rules if a company accumulates a stake of more than 3%, 5%, 10%, or 15% in a Dutch company.
A US Securities and Exchange Commission filing published earlier this week showed that Exor had first purchased a stake of 2.99% in Philips by June 30 -- just under the reporting threshold. Sources confirmed to Reuters earlier this week that Goldman Sachs acted on behalf of Exor but could not give more details.Law firm Allen & Overy acted as Exor's legal adviser on the deal, the sources said. Law firm De Brauw confirmed it advised Philips. An Allen & Overy spokesperson did not immediately respond to a request for comment.
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