By Giulia Petroni

EXOR NV's (EXO.MI) shares rose on Monday after the company said it is in advanced talks to sell reinsurance company PartnerRe Ltd. to French insurer Covea Cooperations.

The holding company of Italy's Agnelli family, which controls EXOR, confirmed it is negotiating a deal but didn't provide information on the price. The deal could value PartnerRe at about $9 billion, the Wall Street Journal reported.

At 0907 GMT, shares traded 4.9% higher at EUR73.64.

If the valuation is confirmed, the company's net asset value would rise by 6% and Exor would have net cash in excess of 7 billion euros ($7.66 billion), which leaves room for an extraordinary divided, according to Equita.

Write to Giulia Petroni at giulia.petroni@wsj.com

(END) Dow Jones Newswires

February 10, 2020 04:28 ET (09:28 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.
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