On Tuesday, PartnerRe Ltd. (NYSE:PRE)’s shares surged 8.49% to $129.25, hitting its highest level, after PartnerRe declared that it has received an unsolicited proposal from EXOR (EXO IM), a European investment company controlled by the Agnelli family, to attain 100% of the ordinary shares of the company for $130.00 per share in cash, valuing PartnerRe at $6.4 billion.
As was formerly declared on January 25, 2015, PartnerRe has entered into a definitive amalgamation contract with AXIS Capital to combine and create one of the world’s leading specialty insurance and reinsurance companies.
Consistent with its fiduciary duties, the PartnerRe Board of Directors will review the EXOR proposal to determine the course of action that it believes is in the best interests of PartnerRe and its shareholders. The Board will declare its position regarding the EXOR proposal following its review, which will be accomplished in due course.
Credit Suisse is acting as financial advisor and Davis Polk & Wardwell LLP and Appleby (Bermuda) Limited are acting as legal counsel to PartnerRe.
PartnerRe Ltd., through its auxiliaries, provides reinsurance and certain specialty insurance services worldwide. It operates in three segments: Non-life, Life and Health, and Corporate and Other.
Pacific Drilling S.A. (NYSE:PACD)’s shares gained 7.66% to $4.64, during the last trading session on Tuesday, after Pacific Drilling declared that its Notice of Annual General Meeting of Shareholders is accessible on its website at www.pacificdrilling.com in the “Events & Presentations” subsection of the “Investor Relations” section. In addition, the Notice is being distributed to Pacific Drilling ordinary shareholders of record in advance of the Annual General Meeting, which will be held on May 11, 2015, at 10 a.m. (Central European Time) at the company’s registered office, located at 8-10 Avenue de la Gare, L-1610 Luxembourg.
Pacific Drilling S.A., together with its auxiliaries, operates as an offshore drilling contractor. It provides offshore drilling services to the oil and natural gas industry. The company contracts drilling rigs, related equipment, and work crews primarily on a dayrate basis to drill wells for its customers.
At the end of Tuesday’s trade, China Ceramics Co., Ltd. (NASDAQ:CCCL)’s shares gained 7.63% to $1.41, hitting its highest level, after the ceramic tile manufacturer declared its fiscal fourth quarter results.
China based-China Ceramics stated earnings of RMB 0.23 (4 cents) for the fourth quarter, contrast to a loss of RMB 0.52 a share in the year-ago quarter. Proceed raised 9% year over year to RMB 240.1 million ($38.7 million) for the quarter, up from RMB 220.3 million in the year-ago quarter.
“The fourth quarter saw nearly a 9% raise in our average selling price attributable to a moderately improved macroeconomic environment, our strong marketing efforts and long-standing reputation for best-in-class products and service,” China Ceramics CEO Jiadong Huang said in a statement.
China Ceramics Co., Ltd. manufactures and sells ceramic tiles for exterior siding and interior flooring, and design in residential and commercial buildings in the People’s Republic of China and internationally.
Finally, SeaDrill Limited (NYSE:SDRL), ended its Tuesday’s trading session with 7.59% gain, and closed at $11.62, as crude prices rally on expectations of a monthly decline in U.S. shale oil output, according to Reuters.
On Monday, the U.S. Energy Information Administration said that it anticipates U.S. shale production to fall by 45,000 barrels per day to 4.98 million bpd in May, Reuters reports.
Seadrill Limited, an offshore drilling contractor, provides offshore drilling services to the oil and gas industry worldwide. The company operates in three segments: Floaters, Jack-up Rigs, and Tender Rigs.
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