Covea abandons the $9bn acquisition of PartnerRe from Exor.

Covea, a French mutual insurance company, abandons the planned acquisition of Bermuda-based reinsurer PartnerRe from investment group Exor for $9bn plus a cash dividend of $50m. "In light of the current unprecedented conditions and significant uncertainties threatening the global economic outlook, Covea has indicated to Exor that the context does not allow the contemplated acquisition of Partner Re to be carried out on the terms initially envisaged," Covea.