MILAN/NEW YORK, May 12 (Reuters) – Italian holding company
Exor has raised its all-cash offer for Bermuda-based
reinsurer PartnerRe by 5.8 percent to $137.5 per share
after its previous attempt to trump a bid by Axis Capital
Holdings was rejected.
Exor, the investment vehicle of the Agnelli family, said in
a statement on Tuesday the new offer values PartnerRe at $6.8
billion and represents a 10 percent premium to the implied value
under the Axis agreement.
MILAN, April 30 (Reuters) – Milan-listed shares in Fiat
Chrysler Automobiles (FCA) fell to a 10-week low on
Thursday, a day after its chief executive called for large-scale
Sergio Marchionne on Wednesday renewed his plea for
shrinking the number of players in the global auto sector to
sustain the heavy capital investments needed to meet demands for
cleaner, safer vehicles.
MILAN/DETROIT, April 29 (Reuters) – Fiat Chrysler
Automobiles Chief Executive Sergio Marchionne
on Wednesday made a plea for shrinking the number of players in
the global auto industry as the company reported
lower-than-expected first quarter results and outlined new plans
to boost North American profit margins.
Marchionne delivered a detailed presentation during a
2-1/2-hour call with analysts to argue that “largescale
integrations are required” in the auto industry to sustain the
heavy capital investments needed to meet demands for cleaner,
PARIS/MILAN (Reuters) – Europe’s auto-market recovery gained a firmer footing in March, industry data showed on Thursday, as a sharp recovery in some mid-market brands eclipsed growth in no-frills “crisis cars”.
After months of hesitant growth, there were solid gains in the five biggest markets: Germany, Britain, France, Italy and Spain, as consumer confidence improves on the back of greater job security, lower energy prices and the EU’s money-printing stimulus program.
MILAN (Reuters) – A $6.4 billion all-cash offer from Italian holding company Exor (EXOR.MI: Quote, Profile, Research, Stock Buzz) for Bermuda-based reinsurer PartnerRe (PRE.N: Quote, Profile, Research, Stock Buzz) has disrupted plans by Axis Capital Holdings (AXS.N: Quote, Profile, Research, Stock Buzz) to merge with its rival and could end up triggering a bidding war.
In January, Axis and PartnerRe agreed on an $11 billion all-share deal to create one of the world’s largest reinsurers, in a deal meant to close in the second half of this year.
MILAN (Reuters) – Italian tyre maker Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz) has a strong future with owner-to-be China National Chemical Corp and is not talking to others about a possible counterbid, CEO Marco Tronchetti Provera told Reuters in an interview on Thursday.
ChemChina on Sunday agreed to become the majority owner of the world’s fifth-largest tyre maker as part of a multi-layered 7.3 billion-euro ($8 billion) deal, putting one of Italy’s oldest household names in Chinese hands.
MILAN (Reuters) – Italian tyre maker Pirelli (PECI.MI: Quote, Profile, Research, Stock Buzz), which is being bought by China National Chemical Corp (ChemChina), does not plan to pay a special dividend to its shareholders as part of the buyout plan, two sources with direct knowledge of the matter said.
ChemChina is to buy into the world’s fifth-largest tyre maker in a 7.3 billion-euro ($8 billion) deal, agreed with Pirelli’s biggest shareholders on Sunday, that will put the 143-year-old Italian firm in Chinese hands.
MILAN, March 19 (Reuters) – Shares in Pirelli
jumped as much as 5 percent on Thursday after an Italian daily
said the tyre maker was working on a revamp plan that includes
taking an Asian partner, the launch of a buyout offer and the
de-listing of the group.
According to Corriere della Sera, Pirelli Chairman Marco
Tronchetti Provera wants to bring on board an Asian shareholder
who would launch a buyout of the group together with some of the
company’s current investors. Pirelli would then be de-listed and
its structure would be reorganised, the report added.
GENEVA, March 4 (Reuters) – While southern Europe is
experiencing at best a patchy economic recovery, the outlook for
the region’s car makers is a little less bumpy thanks to the
weak euro, cheaper oil and labour reforms.
At the Geneva auto show, industry executives have warned
against overoptimism about what might yet be temporary windfalls
for Italy, Spain and Portugal, where a six-year slump brought
sales to the lowest in decades.
GENEVA, March 3 (Reuters) – Fiat Chrysler Automobiles (FCA)
could sell more than 10 percent of its
Ferrari subsidiary in a planned initial public offering, with a
view to boosting liquidity in the shares, Chief Executive Sergio
Marchionne said on Tuesday.
Marchionne said in October that he would spin off Ferrari
by selling a 10 percent stake via an IPO and distribute FCA’s
remaining 80 percent stake to its shareholders.