(Bloomberg) — Exor SpA offered $6.4 billion for PartnerRe Ltd., seeking to break up the reinsurer's planned merger with Axis Capital Holdings Ltd.
Exor, controlled by the Agnelli family, is offering $130 a share in cash, the company said in a statement Tuesday, or 16% above the implied value per share of Bermuda-based PartnerRe under the terms of the Axis agreement.
An Axis-PartnerRe combination would create the world's fifth-biggest property-and-casualty reinsurer, and was announced in January, the same month that XL Group Plc agreed to buy Catlin Group Ltd. for about $4 billion. Exor, the biggest investor in automaker Fiat Chrysler Automobiles NV, has been seeking opportunities in the finance industry after selling its stake in Geneva-based SGS for 2 billion euros ($2.1 billion) in 2013, generating a capital gain of 1.53 billion euros.
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