Brief: Exor CEO says terms of Fiat Chrysler-PSA merger "set in stone"

Peugeot Invest SA

20/05/2020 17:22

May 20 (Reuters) - Exor NV  EXOR.MI  CEO John Elkann tells
analysts in a conference call:
    * REGULATORY PROCESS FOR FCA-PSA MERGER PROCEEDING WELL,
CONFIDENT
DEAL CAN BE CLOSED AT PLANNED TIMES, IN Q1 2021 AT LATEST
    * POSITIVE ON PARTNERRE OUTLOOK, THE PANDEMIC IS CREATING
CONDITIONS IN INSURANCE, REINSURANCE INDUSTRY FOR PRICING
INCREASES TO GO EVEN HIGHER
    * GROSS DEBT AT 4.2 BILLION EUROS AT END-APRIL
    * CO WAS NOT CONTEMPLATING OFFERS FOR PARTNERRE BEFORE COVEA
CAME
WITH ITS UNSOLICITED OFFER
    * VALUE OF PARTNERRE IS HIGHER TODAY THAN BEFORE COVID-19
    * COVEA DECISION NOT TO HONOUR PARTNERRE PURCHASE DEAL CAME
AS
SURPRISE, DOESN'T KNOW IF WILL COME BACK AGAIN
    * TERMS OF FCA-PSA DEAL HAVE NOT CHANGED
    * MERGER FOR PARTNERRE WOULD BE A DISTRACTION, NOT
INTERESTED IN
ANY MERGERS
    * DOES NOT EXPECT COVID-19 TO IMPACT PARTNERRE, DOESN'T
EXPECT
MAJOR LOSSES IN 2021
    * TERMS OF FCA-PSA DEAL ARE "SET IN STONE" AS BINDING
CONTRACTS IN
THEIR NATURE ARE
    * FCA-PSA AGREEMENT WAS A CLEAR CASH AND EQUITY DEAL TO
REACH A
50/50 MERGER
    * BOTH PARTIES IN FCA-PSA DEAL COMMITTED TO GET PARITY IN
MERGER
DEAL

Further company coverage:  EXOR.MI 

 (Reporting by Milan newsroom)