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
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires