PartnerRe ed Exor seem to move away and at this point the hypothesis of a merger between the same PartnerRe e Axis it becomes more concrete.
“The board has not changed its recommendation with respect to the merger with Axis Capital, which it continues to support,” reads a note from PartnerRe. The reinsurance group thus responds to yesterday evening's communication from Exor, in which the holding company of the Agnelli family asked PartnerRe, among other things, to acknowledge that its offer is superior.
The PartnerRe note also defines the version of the discussions between the parties given by Exor as "simply not credible". PartnerRe specifies in the note, "to have already stated very clearly that the price and the conditions offered by Exor are unacceptable".
PartnerRe will go ahead with seeking shareholder approval of the competing transaction with Axis Capital. On this point, the Board "has not changed its recommendation and continues to support the merger project with Axis".
