Fiat Owner Exor Sells Its SGS Stake to GBL for $2.6 Billion

Exor SpA (EXO), the Agnelli family holding company which controls Fiat SpA (F), sold its stake in SGS SA to Groupe Bruxelles Lambert SA (GBLB) for 2 billion euros ($2.6 billion), for a capital gain of 1.53 billion euros.

Exor will use the proceeds from the sale of its entire 15 percent holding in the Swiss product-inspection provider to pursue “new investment opportunities,” the company said in a statement sent through the Italian exchange.

“We have been privileged to have been able to support SGS throughout these past 13 years,” Exor Chairman John Elkann said in the statement. “We are confident the company will continue to develop.”

Elkann said last week that Exor will support the planned combination of Fiat and Chrysler Group LLC, adding that it’s too early to say whether the holding company will invest further in the carmaker to maintain its controlling stake after the planned merger.

Fiat is in talks for as much as $10 billion in financing from a pool of banks to buy the Chrysler stake it doesn’t own and refinance the two automakers’ debt, people familiar with the matter said last week.

The banks, which include Bank of America Corp., Deutsche Bank AG, Goldman Sachs Group Inc. and BNP Paribas SA, are discussing loaning Fiat the money to purchase the 41.5 percent of the U.S. carmaker held by the United Auto Workers’ retiree health-care trust, said the people, who asked not to be identified because the discussions are private.

Fiat Chief Executive Officer Sergio Marchionne is also chairman of SGS. Marchionne, 60, was CEO of the Geneva-based company from January 2002 until he took top spot at Fiat in mid-2004.

To contact the reporter on this story: Tommaso Ebhardt in Milan at tebhardt@bloomberg.net

To contact the editor responsible for this story: Chad Thomas at cthomas16@bloomberg.net

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