Exor’s PartnerRe sale to free 9 billion euros for investment -Breaking
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MILAN (Reuters), – Exor, the holding company for the Italian Agnelli family will have approximately 9 billion euros ($10.2 Billion) of capital available next year after it has completed the sale of PartnerRe. Chief Executive John Elkann stated on Tuesday.
Elkann stated that 500 million more euros will be available to the company to buy back shares between 2022 and 20,24. 500 million euros will be used to lower debt by next year, to 4 Billion euros.
Exor, in October, signed a preliminary agreement to sale PartnerRe to French insurance company Covea for $9Billion in cash. The deal was previously halted by the coronavirus outbreak. It is anticipated that the deal will be finalized by mid-2022.
Elkann was speaking ahead of an Exor presentation about the company’s strategic plan for the next years. Elkann is the Agnelli scion and stated that Exor would invest its cash in companies already owned and make new investments in luxury, healthcare, and technology sectors, particularly in North America and Europe.
He said that the company would remain open for business in other geographies and industries.
Exor holds the largest stake in Stellantis carmaker and also controls shares in Ferrari luxury car manufacturer (NYSE:), and CNH Industrial, an industrial vehicle manufacturer (NYSE:). Additionally, Exor holds a controlling interest in Juventus soccer club in Serie A.
Elkann denied rumors of interest in Armani’s luxury Italian group.
Giorgio Armani is a good friend and we have an excellent working relationship. He told journalists that the company was not up for sale and it is important to end rumors about our possible interest in it.
Exor, which was co-founded in China by France’s Hermes last year, became the largest shareholder at Shang Xia luxury group. It also acquired a 24% share in Louboutin high-end shoesmaker Louboutin in March for 540million euros. There has been speculation that Exor will expand in luxury.
($1 = 0.8798 euros)
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