May 12, 2020 / 4:45 PM / 2 months ago

Exor to retain control of PartnerRe as Covea refuses to honour deal's terms

MILAN, May 12 (Reuters) - Exor, the holding company of Italy’s Agnelli family, said on Tuesday it would retain control of Bermuda-based reinsurer ParnerRe after French insurer Covea decided not to honour its commitment to buy it according to agreed terms.

Exor earlier this year entered into a memorandum of understanding (MoU) to sell its 100% stake in PartnerRe to Covea for $9 billion in cash.

Exor said its board strongly believed that a sale of PartnerRe at terms inferior to those established in the MOU failed to reflect the value of the company.

Reporting by Giulio Piovaccari; editing by Agnieszka Flak

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below