The parent company of Fiat SpA had netted Eur1.5 billion or US$2 billion from the divestment of its 15% shareholdings in SGS. Exor, the holdings company controlled by one of the members of the Agnelli family, sold off its shareholdings to Groupe Bruxelles Lambert.

The Agnellis are the founders of Fiat and through its holdings company, the sale was consummated. According to Exor Chief Investment Officer Shahriar Tadjbakhsh, the said sale is part of the overall plan to increase the company's Eur8.3 billion portfolio. The goal is to concentrate on purchasing shareholdings in companies with a global presence, such as Fiat.

Exor also is the majority shareholder in Fiat Industrial SpA and has been part of SGS for the past 13 years. The purchase of the shares amounted to Eur500 million and its sale made for a big pay day for the holdings firm.

In another announcement, Exor said it would want to participate in any share issue to preserve its 30% stake in Fiat, to prevent dilution of its stock position. Some analysts view, in light of this pronouncment, that the SGS sale is part of Fiat's plan to acquire the 41.5% of US carmaker Chrysler that Fiat does not yet own. 

As for GBL, which is run by the richest man in Belgium, Albert Frere, said the acquisition of the SGS stake is part of an overall diversification strategy.