New York-listed reinsurance firm PartnerRe has accepted a $6.9 billion takeover offer from Exor, the Agnelli family's investment company,
the
Financial Times
reported.
PartnerRe previously had agreed to merge with a rival reinsurance firm, Axis Capital. But Exor “improved the terms of its offer six times,” the
FT
article said. PartnerRe now must pay a $315 million break fee to Axis, the article said.
“The deal is a victory for the Agnelli family scion John Elkann, Exor's 39-year-old chief executive,” the
FT
report said. “He was determined to buy the reinsurer to diversify the Italian group's investments — which include the carmaker Fiat — beyond the industrial sector.”
PartnerRe shareholders still need to hold a meeting to approve the Exor offer, the
FT
article said. (Source:
Financial Times
, Aug. 4, 2015.)
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