Exor shares surge on reports of new talks over PartnerRe deal
Exor Spa
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10:20 20/12/24
Shares in Exor jumped on Monday on reports the company had revived talks with French insurer Covea over a possible sale of reinsurer PartnerRE after the deal was scrapped last year due to the Covid pandemic.
Italian news paper Il Sole 24 Ore said discussions between the holding company of Italy's Agnelli family and Covea had resumed in recent weeks, citing unnamed sources.
Exor and Covea were discussing a valuation for Bermuda-based PartnerRE which was "close" to the one agreed as part of their $9bn original deal, one of the sources said.
Under the original terms of the agreement with Covea, Exor would have received an aggregate cash return of $3bn from its purchase and disposal of PartnerRE, including dividends paid by the reinsurer since 2016, Exor had said.
After the deal collapsed, Covea agreed to invest €1.5bn in entities managed by PartnerRE and in undisclosed investments related to Exor, in a bid to normalise relations between the two companies.