Exor Shares Rise After Confirming Talks to Sell Reinsurer
February 10 2020 - 4:43AM
Dow Jones News
By Giulia Petroni
EXOR NV's (EXO.MI) shares rose on Monday after the company said
it is in advanced talks to sell reinsurance company PartnerRe Ltd.
to French insurer Covea Cooperations.
The holding company of Italy's Agnelli family, which controls
EXOR, confirmed it is negotiating a deal but didn't provide
information on the price. The deal could value PartnerRe at about
$9 billion, the Wall Street Journal reported.
At 0907 GMT, shares traded 4.9% higher at EUR73.64.
If the valuation is confirmed, the company's net asset value
would rise by 6% and Exor would have net cash in excess of 7
billion euros ($7.66 billion), which leaves room for an
extraordinary divided, according to Equita.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
February 10, 2020 04:28 ET (09:28 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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