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Bermuda-based PartnerRe Ltd. and Axis Capital Holdings Ltd. have halted integration work for their planned merger after PartnerRe said that it is looking to negotiate with bidder Exor S.p.A., reported Bloomberg.
Exor recently raised its bid for PartnerRe. "As a result of this latest news, we have decided to suspend all integration-related work and activities," the chief executives of the two firms said. Axis Capital and PartnerRe's chief executives said they still believe that their merger is possible.