Exor SpA "is determined" to
purchase reinsurer PartnerRe because it fits the holding
company's growth plans, Chairman John Elkann said Friday.
"We are determined to carry on with the acquisition of
PartnerRe because it is consistent with what we have said we
want to do," in terms of growth, Elkann told Exor's annual
meeting.
"We said that we were aiming for a big investment instead
of wasting resources and that we would find a brother or sister
(company) to Fca and CNH," said Elkann.
Exor, the holding company of Italy's Agnelli family, holds
controlling interest in Fiat Chrysler Automobiles (FCA) and its
heavy-equipment subsidiary CNH.
Elkann described PartnerRe as a company that is solid,
profitable, and will allow Exor to distribute those profits to
shareholders.
Exor has been in a bidding war for the insurer and has said
its price, about $8.6 billion, was its final offer.
Its share price offer is $137.5 per share in the
re-insurer.
Exor now owns a 9.32% stake in PartnerRe after buying
shares worth $572 million.
"If owned by us, it could continue to grow and become even
stronger," he said.
Meanwhile, Elkann said that he agrees with plans to seek
further consolidation in the auto industry as outlined by FCA
chief executive Sergio Marchionne.
"If the auto industry decides to talk on the subject of
consolidation, it would be to the benefit of all," said Elkann.
He said Marchionne's comments on consolidation in the
industry "is very important" because it is logical to merge more
auto makers and reduce duplications.
"It is an industry that invests $2 billion a week, a lot
could be done together," he said.
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