(AGI) Turin, Aug 12 - The investment company EXor S.p.A.,controlled by the Agnelli family, announced they have increasedtheir shareholding from 4.7 to 43.4 percent in The EconomistGroup. Exor has agreed to purchase 6.3 million (27.8 percent)ordinary shares and 1.26 million (100 percent) B special sharesin The Economist Group from Pearson Group plc for a totalamount of 405 million euros. The acquisition will be funded byavailable cash on hand. John Elkann, Chairman and ChiefExecutive of EXOR, said in a statement: "By increasing ourinvestment in The Economist we are delighted to affirm our roleas one of the Group's long-term supportive shareholders, alongwith the Cadbury, Layton, Rothschild and Schroder families andother individual stable investors. We have always admired theeditorial integrity and thoroughly global outlook that are thehallmarks of The Economist's success and we fully subscribe toits historic mission to 'take part in a severe contest betweenintelligence, which presses forward, and an unworthy, timidignorance obstructing our progress'. Our strong belief in themerits of this investment is all the greater given TheEconomist's decision to join us, by investing in its ownshares, which is a sign of its confidence in the Group'sexciting and profitable future. Together we are convinced ofthe huge potential that still lies ahead and particularly inThe Economist's ability to seize the many developmentopportunities linked to the digitisation of the media industry,under the leadership of Zanny Minton Beddoes and Chris Stibbs."The transaction, which has the unanimous support of TheEconomist board of directors, means EXOR will become theGroup's single largest shareholder. It was also agreed that,subject to a shareholder vote, The Economist's Articles ofAssociation will be amended to limit to 20 percent the votingpowers of any single shareholder, and to guarantee that no oneindividual or company can own more than 50 percent of theGroup's shares. The editorial values of the newspaper willstill be overseen by its independent trustees. .