Exor SpA, the holding company of
Italy's Agnelli family, on Tuesday said it would boost its offer
to $6.8 billion to take over PartnerRe.
That raises its share price offer to $137.5 per share in
the re-insurer.
"Our offer is superior," Exor Chairman and Chief Executive
Officer John Elkann told news agency Bloomberg in an interview.
"Going higher would be irresponsible for our shareholders,"
said Elkann.
He added that the new offer would be Exor's final bid.
Exor, which is perhaps best known for its controlling
interest in Fiat Chrysler Automobiles, now owns a 9.32% stake in
PartnerRe after buying shares worth $572 million.
"We hope that the board of directors of PartnerRe will
accept (our offer) and do the right thing," said Elkann.
Exor has its eye on PartnerRe because it is interested in
expanding its investment base beyond the auto sector, according
to Bloomberg.
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