Ink finally dry on Exor acquisition of PartnerRe

Exor S.p.A has completed its acquisition of PartnerRe Ltd., Turin, Italy-based Exor announced Friday.

The announcement was the final act in a takeover battle that pitted Exor against Pembroke, Bermuda-based Axis Capital Holdings Ltd.

Axis Capital had initially offered to acquire Pembroke, Bermuda-based PartnerRe in an $11 billion cash-and-stock deal in January 2015. Exor entered the fray in April 2015, with an all-cash offer ultimately worth $6.9 billion, which won PartnerRe's approval in August 2015.

Exor's Friday announcement said that it had received all of the necessary approvals for the acquisition.

“The new board of directors is scheduled to meet on March 24, during which time it expects to nominate the chairman of the board and appoint PartnerRe's permanent CEO,” said Exor in its announcement. The announcement added that the CEO “is expected to be selected from the existing management team.”