Italy’s Agnelli family is emerging as the biggest winner from the merger of Fiat Chrysler Automobiles NV and PSA Group, the latest vindication for the 43-year-old scion who’s overseen the dynasty’s revival in the past 15 years.

The clan’s stake in Fiat shareholder Exor NA has risen in value by about 800 million euros ($900 million) since deal talks were revealed on Tuesday, according to calculations by Bloomberg. The Agnellis own a controlling position in holding company Exor, Fiat’s largest shareholder.

The Agnellis are worth more than $10 billion, according to the Bloomberg Billionaires Index, making them one of Europe’s wealthiest dynasties. Through Exor they have investments including Ferrari NV, the Economist magazine, Italian soccer club Juventus and Fiat, which has anchored the family’s wealth since it was founded in 1899.

The fortune is spread across dozens of family members who own their stakes through holding company Giovanni Agnelli BV, which controls 53% of Exor. Current Fiat Chrysler Chairman John Elkann is a grandson of Gianni Agnelli, a jet-setter who was known to Italians as “L’Avvocato,” or the attorney. Gianni, who died in 2003, took over Fiat from his grandfather after World War II, helping rebuild the Italian manufacturer and shape Italy’s postwar years.

Elkann has recast Exor’s portfolio since becoming head of the family in 2004, buying Bermuda-based reinsurer PartnerRe in 2015, its biggest single acquisition in more than a century. Fiat itself was transformed under the tenure of Chief Executive Officer Sergio Marchionne, who died in 2018.

Elkann will be chairman of the merged company, and Exor will be its largest shareholder with about a 14% stake. Fiat shares have risen by about 18% in the past two days.

Peugeot’s shareholders haven’t fared as well. The French government, the Peugeot family and China’s Dongfeng Motor Corp. each own about 12% of the French carmaker and their stakes have fallen by about 250 million euros each since Tuesday.