The billionaire Agnelli family’s Exor NV holding revived talks for the sale of its reinsurance unit PartnerRe to Covea of France, newspaper Il Sole 24 Ore reported, citing people familiar with the matter.
The deal could be worth close to $9 billion, the price agreed on by the Agnellis and the French insurer before the pandemic upended the sale in 2020, Sole said. Negotiations are at an early stage and may not lead to a deal, according to the newspaper.
A spokesman for Exor declined to comment on the talks. Representatives for Covea didn’t respond to emails seeking comment.
Read more: Agnellis Won’t Make Concessions on PartnerRe; Deal Collapses
Talks broke down in May 2020 after Exor rejected Covea’s request for a discount in the wake of the coronavirus outbreak, with the buyers citing “unprecedented conditions and significant uncertainties threatening the global economic outlook.”
The Agnellis have since waived $175 million in penalties incurred by Covea, as the French firm agreed to invest with Exor and in PartnerRe’s products, Sole said.
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