MILAN/NEW YORK, May 22 (Reuters) – Bermuda-based reinsurer
PartnerRe will ask its shareholders to vote on a merger
with Axis Capital Holdings agreed in January, after
rival bidder Exor refused to further sweeten its $6.8
Exor, the investment vehicle of Italy’s Agnelli family, said
on Thursday it would not raise its latest offer but was willing
to negotiate with the reinsurer if its board declared its bid
superior to that of Axis.
LONDON/MILAN (Reuters) – Ferrari’s timely return to the front row of the Formula One grid bodes well for the luxury sportscar maker as it prepares to list shares and split from parent Fiat Chrysler Automobiles. (FCHA.MI: Quote, Profile, Research, Stock Buzz) (FCAU.N: Quote, Profile, Research, Stock Buzz)
After years of under achievement, the world’s most successful motor racing team has been on the podium in each of the first five grand prix this season, with driver Sebastian Vettel securing a long overdue victory in Malaysia in March.
JONA, Switzerland, May 19 (Reuters) – Supercar makers are
like teenage boys at a high school dance, according to business
consultant Belinda Parmar. They don’t have a clue how to speak
They may need to learn, and quickly.
With the number of financially independent women on the rise
across much of the world, high-performance carmakers risk losing
a potentially big market to more adaptable rivals.
MILAN, May 14 (Reuters) – Italian brakes maker Brembo
is expecting sales growth of as much as 11.5 percent
this year, more than previously anticipated, after a promising
first quarter, deputy chairman Matteo Tiraboschi told Reuters on
The company had previously expected sales growth of close to
10 percent for 2015. In the first quarter, sales rose 15 percent
to 514.3 million euros ($586 million), but Tiraboschi said the
first half of the year is usually the company’s strongest.
MILAN, May 13 (Reuters) – Italy’s Pirelli, the
world’s fifth-largest tyremaker, reported a 4.5 percent rise in
first-quarter operating profit on Wednesday, in line with
expectations and boosted by higher sales of premium tyres, a
better price mix and cost cuts.
The group, which is being bought by China National Chemical
Corp (ChemChina), confirmed its 2015 targets for operating
profit after restructuring expenses and revenues.
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.