Elkann says Exor 'determined' to acquire PartnerRe

FCA plan for consolidation 'good for all'

(ANSA) - Turin, May 29 - 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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