Exor, Covea Scrap $9 Billion Deal Over PartnerRe Sale -- Update
12 Mayo 2020 - 01:01PM
Noticias Dow Jones
By Olivia Bugault
Exor NV said Tuesday that its $9 billion deal with French
insurer Covea for the sale of reinsurer PartnerRe has been scrapped
after Covea refused to buy the company on the agreed terms.
The holding company controlled by Italy's Agnelli family said
that Covea had attempted to change the terms of the memorandum of
understanding agreed on March 3 and therefore Exor says Covea has
refused to honor its commitment.
"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.
In a statement, Covea said: "In light of the current
unprecedented conditions and significant uncertainties threatening
the global economic outlook, Covea has indicated to Exor that the
context does not allow the contemplated acquisition of PartnerRe to
be carried out on the terms initially envisaged."
PartnerRe should not be significantly hit by the coronavirus
crisis, Exor said. "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.
Write to Olivia Bugault at olivia.bugault@wsj.com
(END) Dow Jones Newswires
May 12, 2020 13:46 ET (17:46 GMT)
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