May 12, 2020 / 4:46 PM / 19 days ago

Exor to retain control of PartnerRe as Covea refuses to honour deal's terms

MILAN, May 12 (Reuters) - Exor, the holding company of Italy’s Agnelli family, said on Tuesday it would retain control of Bermuda-based reinsurer ParnerRe after French insurer Covea decided not to honour its commitment to buy it according to agreed terms.

Exor earlier this year entered into a memorandum of understanding (MoU) to sell its 100% stake in PartnerRe to Covea for $9 billion in cash.

Exor said its board strongly believed that a sale of PartnerRe at terms inferior to those established in the MOU failed to reflect the value of the company.

Reporting by Giulio Piovaccari; editing by Agnieszka Flak

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