May 20, 2020 / 4:27 PM / 7 days ago

BRIEF-Exor CEO says terms of Fiat Chrysler-PSA merger "set in stone"

May 20 (Reuters) - Exor NV CEO John Elkann tells analysts in a conference call:

* REGULATORY PROCESS FOR FCA-PSA MERGER PROCEEDING WELL, CONFIDENT DEAL CAN BE CLOSED AT PLANNED TIMES, IN Q1 2021 AT LATEST

* POSITIVE ON PARTNERRE OUTLOOK, THE PANDEMIC IS CREATING CONDITIONS IN INSURANCE, REINSURANCE INDUSTRY FOR PRICING INCREASES TO GO EVEN HIGHER

* GROSS DEBT AT 4.2 BILLION EUROS AT END-APRIL

* CO WAS NOT CONTEMPLATING OFFERS FOR PARTNERRE BEFORE COVEA CAME WITH ITS UNSOLICITED OFFER

* VALUE OF PARTNERRE IS HIGHER TODAY THAN BEFORE COVID-19

* COVEA DECISION NOT TO HONOUR PARTNERRE PURCHASE DEAL CAME AS SURPRISE, DOESN’T KNOW IF WILL COME BACK AGAIN

* TERMS OF FCA-PSA DEAL HAVE NOT CHANGED

* MERGER FOR PARTNERRE WOULD BE A DISTRACTION, NOT INTERESTED IN ANY MERGERS

* DOES NOT EXPECT COVID-19 TO IMPACT PARTNERRE, DOESN’T EXPECT MAJOR LOSSES IN 2021

* TERMS OF FCA-PSA DEAL ARE “SET IN STONE” AS BINDING CONTRACTS IN THEIR NATURE ARE

* FCA-PSA AGREEMENT WAS A CLEAR CASH AND EQUITY DEAL TO REACH A 50/50 MERGER

* BOTH PARTIES IN FCA-PSA DEAL COMMITTED TO GET PARITY IN MERGER DEAL Further company coverage: (Reporting by Milan newsroom)

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