(Bloomberg) — Exor SpA upped the ante in the takeover battle for PartnerRe Ltd., raising its bid by 5.8% in a final push to beat out rival Axis Capital Holdings Ltd. for control of the reinsurer.

Exor, the investment vehicle of Italy’s billionaire Agnelli family, now plans to pay $137.50 a share for the Bermuda-based company. The Turin-based investor has backed its $6.8 billion bid by buying 9.32% of PartnerRe. The purchase makes Exor the company’s biggest shareholder surpassing Vanguard Group Inc.’s 7.97%.

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