Exor shares higher after SGS stake sale
MILAN, June 3
MILAN, June 3 (Reuters) - Shares of Exor, the holding company that controls Fiat, opened 2 percent higher in a weaker market on Monday after it said it will sell its entire 15 percent stake in Swiss inspection company SGS .
Exor is selling the SGS stake for 2 billion euros ($2.6 billion) to Groupe Bruxelles Lambert (GBL).
Exor Chairman John Elkann gave the clearest indication yet on Friday that Fiat's planned merger with Chrysler may include a capital increase, when he was quoted as saying Exor would use the total of between 1.2 billion and 1.3 billion euros already on its balance sheet to keep its grip on the future merged carmaker.
Shares in Fiat opened down 1 percent but quickly reversed losses to extend their week-long rally. (Reporting by Jennifer Clark; Editing by Lisa Jucca)