Exor signs definite agreement to buy PartnerRe for US$6.9 billion

[MILAN] Italian holding company Exor said on Monday it had signed a definitive agreement to buy PartnerRe for US$6.9 billion, ending a prolonged battle for the reinsurer and trumping a rival bid from Axis Capital Holdings.

Exor, the investment vehicle of Italy's Agnelli family, said it would pay US$137.50 for each PartnerRe share and also offer a US$3 special dividend per share.

PartnerRe shareholders were supposed to vote on the previously agreed merger with Axis at a meeting on Aug 7, but that meeting had been canceled after the two reinsurers decided to terminate their merger agreement, Exor said.

REUTERS