August 12, 2015 / 6:48 AM / 2 years ago

Exor ups stake in The Economist to 43.4 percent for 287 million pounds

MILAN (Reuters) - Exor, the holding company of Italy's Agnelli family, has increased its stake in The Economist Group to 43.4 percent

from 4.7 percent by buying shares from Britain's Pearson for 287 million pounds ($447 million).

In a statement on Wednesday, Exor said the acquisition would be funded through cash available on hand, making Exor the group's single largest shareholder.

The company added that, subject to a shareholder vote, the governance rules of The Economist would be amended to limit the voting powers of any single shareholder to 20 percent, and to ensure that no one individual or company can own more than 50 percent of the group's shares.

Reporting by Agnieszka Flak

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