Reuters’ investment in Exor’s PartnerRe sales to release 9 billion euros

MILAN (Reuters) – Exor (OTC :), the Italian Agnelli family’s holding company, will have about 9 billion euros ($ 10.2 billion) available for investment next year, when PartnerRe’s reinsurance sale ends, CEO John Elkann said on Tuesday. .

In addition, the company will make another 500 million euros available to spend on share purchases between 2022 and 2024 and 500 million euros to reduce debt to 4 billion euros next year, Elkann added.

Exor signed a pre-agreement in October to sell PartnerRe to French insurance company Covea for $ 9 billion, reviving the deal that was diverted by the coronavirus pandemic. The deal is expected to be completed by mid-2022.

Prior to the presentation of the company’s strategy for the coming years, Elkann, the son of the Agnelli family, said Exor would spend its money on the companies it already has and new investments in the luxury, health and technology sectors, especially in the North. America and Europe but also Asia.

The company will remain open to other industries and geographies, he added.

Exor Stellantis is the largest shareholder in carmaker and has controllers in the luxury sports car manufacturer Ferrari (NYSE 🙂 and CNH Industrial (NYSE :). He also has control of the Juventus Serie A football team

Elkann dismissed rumors that he was interested in the Italian luxury group Armani.

“We have a great relationship with Giorgio Armani and his team. The company is not for sale, it’s important to put an end to rumors about our potential interest,” he told reporters.

Last year, Exor became the largest shareholder in the Chinese luxury group Shang Xia, founded by French company Hermes, and in March took a 24% stake in top shoemaker Louboutin for 540 million euros, fueling speculation to expand the luxury space further. .

($ 1 = $ 0.8798)