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Global: Covea pulls plug on $9bn Partner Re deal amid COVID-19 uncertainty

Source: Asia Insurance Review | Jun 2020

French mutual insurer Covea has said it no longer plans to proceed with the deal agreed with Exor in March for the $9bn acquisition of reinsurer Partner Re, citing uncertainties in the global outlook.
It is understood that Exor had rebuffed Covea’s attempts to negotiate a new price in the last few days stating that, “Covea has never suggested the existence of a material adverse change, including pandemic risk, or any other issues at PartnerRe that would explain its refusal to honour its commitments under the MoU.”
It is not clear what the penalty would be for not going through with the deal, although Italian media reports in March reported that Covea would be liable for a fee of $175m should the deal collapse. A 
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