قالب وردپرس درنا توس
Home / Insurance / Exor's PartnerRe sale to release $ 10.2 billion for investment

Exor's PartnerRe sale to release $ 10.2 billion for investment



(Reuters) – Exor NV, the holding company for Italy's Agnelli family, will have around € 9 billion ($ 10.2 billion) available for investment, including in the luxury industry, once it has completed the sale of the reinsurance company PartnerRe, it said. CEO on Tuesday.

CEO John Elkann said that Exor did not aim to create a luxury group, after it became the largest shareholder in the Chinese group Shang Xia last year and in March it took a 24% stake in the exclusive shoe manufacturer Louboutin for 540 million euros, which fuels speculation about further expansion in the luxury sector.

"But luxury is definitely an interesting industry for us," he said, presenting the company's strategy for the coming years.

Elkann, however, dismissed rumors of an interest in the Italian luxury group Armani.

"We have an excellent relationship with Giorgio Armani and his group. The company is not for sale, it is important that rumors of our potential interest in the end," said descendant of the Agnelli family.

In October, Exor signed a preliminary agreement to sell Bermuda-based PartnerRe to the French insurance group Covea for $ 9 billion in cash, reviving a deal that had been derailed by the coronavirus pandemic. The deal is expected to be completed by mid-2022.

Mr. Elkann said that Exor would spend its money on companies it already owns and new investments focusing on the luxury, healthcare and technology sectors, especially in North America and Europe but also Asia.

"They are expensive sectors," he said.

The company will remain open to other industries and geographies, he added.

Exor is the single largest shareholder in the car manufacturer Stellantis and has controlling interests in the luxury sports car manufacturer Ferrari and in the industrial vehicle manufacturer CNH Industrial. It also has a controlling stake in Serie A football team Juventus.

Following the sale of PartnerRes, Exor will also make available an additional € 500 million to spend on a share repurchase between 2022 and 2024 and € 500 million to reduce debt next year to € 4 billion

Exor CEO Suzanne Heywood told analysts that Exor saw no reason to take further action against Iveco, CNH's truck manufacturing unit, which will be distributed by CNH Industrial and listed separately at the beginning of next year. . Heywood, who is also CNH Industrial's chairman and nominated chairman of Iveco.


Source link