Automaker Fiat, founded in 1899 by the Agnelli family, moved out from Italy after 85 percent of shareholders of the Exor voted to relocate the headquarters to Netherlands.
The family, often called as the Italy's de facto royal family, has voted to relocate Exor - which owns large stake of Ferrari (Race), Fiat Chrysler, The Economist and PartnerRE - at a meeting in Turin on Saturday.
The meeting at Lingotto factory lasted for less than half an hour, which resulted in taking a decision of moving Italy's Fiat car manufacturing headquarter to Amsterdam.
The 2014 merger with US Chrysler, under Chief executive Sergio Marchionne, changed the Agnelli family's fortunes as Fiat was under the brink of bankruptcy in 2004. The merging made the company more exposed to US markets than Italy.
According to CNN, Exor will remain on the Milan Stock Exchange with subsidiaries such as Ferrari and Fiat Chrysler. It will continue to employ around 80,000 in Italy while the will affect 25 staff at Exor's head office.
Exor said the company holds major stakes on other businesses in Netherlands thus making it easy for all the purposes.
Agnelli family controlled Exor and Juventus, a football team in Italy. Once control moves out from Italy and the football team will remain.
John Elkann, chairman of Exor and Fiat Chrysler and the grandson of Gianni Agnelli, told reporters not to consider the moment "symbolic" or a "fiscal ploy".
Elkann said the move was a natural progression, while arguing that Exor and its companies had "benefited enormously" from the group's international diversification over the past five years.
"The objective is to create a more simple company structure that better reflects the international profile of the group," he added.
