Scor : shares soar, new talks with Covéa?

(CercleFinance.com) - Scor shares soared this afternoon by nearly +7% following rumors of new discussions with Covéa.


The Betaville and Insurance Insider media today report that Covéa may have relaunched negotiations to buy the reinsurance group.

Recall that Covéa, which groups the Maaf, MMA and GMF brands, had already approached Scor in August 2018 with a view to a friendly takeover bid at 43 euros per share, in cash.

Covéa had reported that on August 30, Scor's board of directors, which had met on the subject, 'had refused to enter into discussions with Covéa with a view to negotiating a friendly combination on the basis of its proposal'.

The mutual insurer then withdrew its offer, while nonetheless '(reaffirming) its interest in a friendly transaction'.

Covéa is said not to have abandoned its project, which may presage a higher bid. Not sure, however, as Scor had declared that Covéa's unsolicited proposal "was fundamentally incompatible with Scor's strategy of independence".


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