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Italy's Agnelli Family Nears Sale of Reinsurance Company in $9 Billion Deal
Italy's Agnelli Family Nears Sale of Reinsurance Company in $9 Billion Deal
By Eric Sylvers
MILAN -- Exor NV said on Thursday it signed a memorandum of understanding to sell reinsurance company PartnerRe Ltd. to French insurer Covéa Coopérations for $9 billion, generating a large cash gain that the Agnelli family holding company can direct toward new investments.
Exor, which owns large stakes in car makers Stellantis NV and Ferrari NV, and Covéa reached a similar deal in March 2020, but that fell apart in the wake of the economic distress and uncertainty created by the Covid-19 pandemic. At the time, Exor Chairman John Elkann refused to budge when Covéa argued for a discount on the $9 billion price tag because of the pandemic.
The two sides avoided legal wrangling after the deal fell apart and instead agreed to cooperate in several areas in the insurance market. That cooperation will continue if a final deal is reached, though with Covéa now as the owner of PartnerRe.
"The cooperation agreement signed in the summer of 2020 with Covéa has been positive in many ways and has contributed to a strong level of mutual trust between our companies," Mr. Elkann said.
In recent years, Mr. Elkann has earned a reputation as a deal maker and tough negotiator. When an agreement to merge Fiat Chrysler Automobiles, which was controlled by Exor, with Renault SA fell apart in 2019, he played a key role in finding a new partner for the Italian-American car maker. Fiat Chrysler later merged with PSA Group to create Stellantis, the third-largest car maker in the world by sales.
Mr. Elkann continued to insist on the $9 billion sale price for PartnerRe, something he eventually got. Exor bought PartnerRe in 2015 for $6.9 billion, the largest acquisition in the holding company's diversification away from its reliance on the automobile industry. With its stakes in Stellantis and Ferrari, Exor remains heavily dependent on the vagaries of the auto sector, but it has recently invested in the fashion industry.
The Agnelli family owns 53% of Exor through a holding company controlled by more than 100 descendants of Mr. Elkann's great-great-grandfather who co-founded Fiat at the end of the 19th century.
Exor and Covéa are aiming to have a definitive agreement signed by the end of the year and for the transaction to close by the middle of next year. The deal is subject to consultation with Covéa's worker councils.
PartnerRe's preferred shares listed on the New York Stock Exchange won't be included if a final deal is reached.
Write to Eric Sylvers at eric.sylvers@wsj.com
By Eric Sylvers
埃裏克·西爾弗斯(Eric Sylvers)
MILAN -- Exor NV said on Thursday it signed a memorandum of understanding to sell reinsurance company PartnerRe Ltd. to French insurer Covéa Coopérations for $9 billion, generating a large cash gain that the Agnelli family holding company can direct toward new investments.
米蘭--Exor NV週四表示,它簽署了一份諒解備忘錄,將再保險公司PartnerRe Ltd.以90億美元的價格出售給法國保險公司Covéa Coopération,這將產生一大筆現金收益,阿涅利家族控股公司可以將其用於新的投資。
Exor, which owns large stakes in car makers Stellantis NV and Ferrari NV, and Covéa reached a similar deal in March 2020, but that fell apart in the wake of the economic distress and uncertainty created by the Covid-19 pandemic. At the time, Exor Chairman John Elkann refused to budge when Covéa argued for a discount on the $9 billion price tag because of the pandemic.
在汽車製造商Stellantis NV和法拉利NV持有大量股份的埃克索與CoVéa在2020年3月達成了一項類似的交易,但在新冠肺炎疫情帶來的經濟困境和不確定性之後,這筆交易破裂了。當時,Exor董事長約翰·埃爾坎(John Elkann)拒絕讓步,因為Covéa主張因為疫情而在90億美元的價格標籤上打折。
The two sides avoided legal wrangling after the deal fell apart and instead agreed to cooperate in several areas in the insurance market. That cooperation will continue if a final deal is reached, though with Covéa now as the owner of PartnerRe.
在交易破裂後,雙方避免了法律糾紛,轉而同意在保險市場的幾個領域進行合作。如果達成最終協議,這種合作將繼續下去,儘管Covéa現在是PartnerRe的所有者。
"The cooperation agreement signed in the summer of 2020 with Covéa has been positive in many ways and has contributed to a strong level of mutual trust between our companies," Mr. Elkann said.
埃爾坎説,“2020年夏天與CoVéa簽署的合作協議在很多方面都是積極的,促進了我們兩家公司之間強大的互信。”
In recent years, Mr. Elkann has earned a reputation as a deal maker and tough negotiator. When an agreement to merge Fiat Chrysler Automobiles, which was controlled by Exor, with Renault SA fell apart in 2019, he played a key role in finding a new partner for the Italian-American car maker. Fiat Chrysler later merged with PSA Group to create Stellantis, the third-largest car maker in the world by sales.
近年來,埃爾坎贏得了交易撮合者和強硬談判者的聲譽。2019年,當Exor控股的菲亞特克萊斯勒汽車(Fiat Chrysler Automobiles)與雷諾(Renault SA)合併的協議破裂時,他在為這家意大利裔美國汽車製造商尋找新合作伙伴的過程中發揮了關鍵作用。菲亞特克萊斯勒(Fiat Chrysler)後來與PSA集團合併,創建了全球銷量第三大汽車製造商Stellantis。
Mr. Elkann continued to insist on the $9 billion sale price for PartnerRe, something he eventually got. Exor bought PartnerRe in 2015 for $6.9 billion, the largest acquisition in the holding company's diversification away from its reliance on the automobile industry. With its stakes in Stellantis and Ferrari, Exor remains heavily dependent on the vagaries of the auto sector, but it has recently invested in the fashion industry.
埃爾坎繼續堅持以90億美元的價格出售PartnerRe,這是他最終得到的。Exor在2015年以69億美元收購了PartnerRe,這是該控股公司實現多元化、擺脱對汽車業依賴的最大一筆收購。Exor持有Stellantis和法拉利(Ferrari)的股份,仍然嚴重依賴變幻莫測的汽車業,但它最近投資了時尚業。
The Agnelli family owns 53% of Exor through a holding company controlled by more than 100 descendants of Mr. Elkann's great-great-grandfather who co-founded Fiat at the end of the 19th century.
阿涅利家族通過一家控股公司持有Exor 53%的股份,該控股公司由埃爾坎的曾祖父的100多名後代控制。埃爾坎的曾祖父在19世紀末與人共同創立了菲亞特。
Exor and Covéa are aiming to have a definitive agreement signed by the end of the year and for the transaction to close by the middle of next year. The deal is subject to consultation with Covéa's worker councils.
Exor和Covéa的目標是在今年年底前簽署最終協議,並在明年年中完成交易。這筆交易還需要與CoVéa的工人委員會進行磋商。
PartnerRe's preferred shares listed on the New York Stock Exchange won't be included if a final deal is reached.
如果達成最終協議,PartnerRe在紐約證交所上市的優先股將不包括在內。
Write to Eric Sylvers at eric.sylvers@wsj.com
寫信給埃裏克·西爾弗斯(Eric Sylvers),電子郵件:eric.sylvers@wsj.com
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moomoo是Moomoo Technologies Inc.公司提供的金融資訊和交易應用程式。
在美國,moomoo上的投資產品和服務由Moomoo Financial Inc.提供,一家受美國證券交易委員會(SEC)監管的持牌主體。 Moomoo Financial Inc.是金融業監管局(FINRA)和證券投資者保護公司(SIPC)的成員。
在新加坡,moomoo上的投資產品和服務是通過Moomoo Financial Singapore Pte. Ltd.提供,該公司受新加坡金融管理局(MAS)監管(牌照號碼︰CMS101000) ,持有資本市場服務牌照 (CMS) ,持有財務顧問豁免(Exempt Financial Adviser)資質。本內容未經新加坡金融管理局的審查。
在澳大利亞,moomoo上的金融產品和服務是通過Futu Securities (Australia) Ltd提供,該公司是受澳大利亞證券和投資委員會(ASIC)監管的澳大利亞金融服務許可機構(AFSL No. 224663)。請閱讀並理解我們的《金融服務指南》、《條款與條件》、《隱私政策》和其他披露文件,這些文件可在我們的網站 https://www.moomoo.com/au中獲取。
在加拿大,透過moomoo應用程式提供的僅限訂單執行的券商服務由Moomoo Financial Canada Inc.提供,並受加拿大投資監管機構(CIRO)監管。
在馬來西亞,moomoo上的投資產品和服務是透過Moomoo Securities Malaysia Sdn. Bhd. 提供,該公司受馬來西亞證券監督委員會(SC)監管(牌照號碼︰eCMSL/A0397/2024) ,持有資本市場服務牌照 (CMSL) 。本內容未經馬來西亞證券監督委員會的審查。
Moomoo Technologies Inc., Moomoo Financial Inc., Moomoo Financial Singapore Pte. Ltd.,Futu Securities (Australia) Ltd, Moomoo Financial Canada Inc和Moomoo Securities Malaysia Sdn. Bhd., 是關聯公司。
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