There is a new agreement between Exor and Covea on PartnerRe (a reinsurance company based in Bermuda wholly owned by Exor). After the press rumors that have circulated in recent days, yesterday with the markets closed, the two groups announced that they have signed a Memorandum of Understanding according to which the French group, once the mandatory consultation with the works councils has been concluded, will sign a definitive agreement. for the acquisition of PartnerRe owned by the financial holding of the Agnelli family. Under the terms of the agreement, the cash consideration is $ 9 billion (approximately € 7.7 billion) that will be paid by Covéa upon completion of the transaction is based on a consolidated equity value of $ 7 billion. The preferred shares issued by PartnerRe and listed on the NYSE, the press release noted, are not part of the proposed acquisition.
“PartnerRe is a natural partner for Covéa – explains the note -. The cooperation agreements in reinsurance and investments signed by Exor, PartnerRe and Covéa in August 2020 have allowed Covéa to further appreciate a shared culture with PartnerRe based on excellent customer service, deep technical expertise and discipline in underwriting risks. This has also facilitated close cooperation between PartnerRe and Covéa. “
In May 2020, the negotiations between Covea and Exor for the sale of PartnerRe were skipped. In particular, Exor had announced that “the board of directors, meeting under the presidency of John Elkann, has learned that Covea will not honor its commitment to acquire PartnerRe under the terms of the memorandum of understanding (MoU) announced on March 3. 2020 “.