Exor increases offer in renewed bid for PartnerRe

Agnelli holding company offers $6.8 billion for insurer

(ANSA) - Milan, May 12 - 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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