Investment group Exor (EXOR.MI) will have around $13 billion in cash provided it closes a deal to sell its reinsurance unit PartnerRe and it would spend most of that on acquisitions, a source close to the matter told Reuters.
The holding group of Italy’s Agnelli family, which also controls Fiat Chrysler (FCHA.MI), said on Sunday it was in exclusive talks to sell PartnerRe to France’s Covea.
The deal could be worth around $9 billion in cash and drove shares in Exor up by more than 5% on Monday to an all-time high.
Full Content: Reuters
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