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Scor opposes takeover offer by Covéa

  • Publish Date: Posted over 5 years ago
  • Author:by Alan Jarque

Scor’s board of directors have unanimously opposed a proposal from French mutual insurance company Covéa offering to acquire a majority stake in Scor as “it is fundamentally incompatible with their strategy of independence.”

Scor has confirmed that on 24 August 2018, Covéa sent a letter to Scor proposing to initiate discussions relating to a project which would see Covéa acquiring a majority stake in Scor’s share capital and voting rights.

On 30 August 2018, Scor’s board of directors reviewed the terms and conditions of the unsolicited proposal in detail and determined it would jeopardize the group's strong value-creating strategy and that it reflects neither the intrinsic value nor the strategic value of Scor.

Scor’s board of directors has reaffirmed its complete trust in its management to continue to create value.

According to an official statement Scor therefore “reaffirms its independence and acknowledges Covéa's decision to withdraw its proposal on a potential combination.”