It would appear Exor - the Agnelli family trust - has bitten the bullet and moved on from buying a 20pc stake in Swiss Re.
Exor - controlled by chairman and CEO John Elkann - has just announced it is launching a $6.4 billion all cash takeover offer for US-listed insurance and reinsurance company PartnerRe, trumping a previous $11 billion merger with Axis Capital. Here is a link to the Exor press release:
http://www.prnewswire.com/news-releases/exor-announces-64-billion-all-cash-proposal-to-acquire-partnerre-for-130-per-share-300065584.html
For readers that don't recall, I revealed in March 2014 that Exor had been trying to buy a 20pc stake in Swiss Re. Here is a link: http://betaville123.blogspot.co.uk/2014/03/agnelli-family-said-to-be-in-talks-to.html
The story was extremely well sourced (and I believe accurate) but by publishing it I probably blew the whole deal up, allowing both companies to subsequently release vehement denials.
The denials also gave some bizarre Swiss media outfit called CASH the opportunity to write a piss poor hatchet job, riddled with factual inaccuracies, about me.
In case your interested in the CASH hatchet job, here is a link (if you don't read Swiss German, then put the text into Google translate): http://www.cash.ch/news/alle-news/wie_ein_blogger_die_schweizer_boerse_narrte-3182660-448
But loyal Betaville readers should be reassured that my Swiss Re story from last year was no "hoax" (as claimed by CASH) now that the Agnellis have finally made a move on a major insurance company.
companies advertising their services hour after hour on the shopping channel, not to mention in the newspapers and on the radio. There is insurance for one's life and health and insurance for things like cars, homes and possessions but these types of Truckers Insurance are nevertheless all about insurance as it pertains to the individual. Company insurance is hardly ever mentioned. Who knows why this is, but it remains a fact that insurance for companies is often overlooked.
ReplyDelete