Exor to Keep Ownership of PartnerRe
12 Mayo 2020 - 12:14PM
Noticias Dow Jones
By Olivia Bugault
Exor NV said Tuesday that it will keep the ownership of
reinsurer PartnerRe after French company Covea refused to finalize
the acquisition deal.
The holding company of Italy's Agnelli family said that
PartnerRe should not be significantly hit by the coronavirus
crisis. "The board therefore reiterated its strong belief that a
sale of PartnerRe on terms inferior to those established in the
memorandum of understanding fails to reflect the value of the
company," it said.
Under the deal announced in March, Covea would have bought
PartnerRe for $9 billion.
"In attempting to renegotiate the agreed deal terms, Covea has
never suggested the existence of a material adverse change,
including pandemic risk, or any other issues at PartnerRe that
would explain its refusal to honor its commitments under the MoU
and Exor believes that no such basis exists," it said.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
May 12, 2020 12:59 ET (16:59 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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