Reinsurer Swiss Re denies it's in discussions with Agnelli family

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Swiss Re Ltd. on Wednesday denied that it was in discussions with the Agnelli family about the Italian dynasty taking a stake in the reinsurer.

“Contrary to market speculation, Swiss Re is not in discussion with the Agnelli family or any of its investment vehicles regarding the possible acquisition of a stake in Swiss Re,” the reinsurer said in a statement.

Swiss Re's shares had risen 6% early Wednesday after speculation that a trust controlled by the Agnelli family was looking to buy a stake in the reinsurer.

The Agnelli family, which founded Italian auto company Fiat S.p.A. among other firms, represents the largest holdings on the Italian stock exchange.

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