Scor to Buy Back 5.01% Stake From Covea, Sell It to BNP Paribas Cardif
05 October 2023 - 5:03PM
Dow Jones News
By Adria Calatayud
Scor plans to buy back a 5.01% stake in its own shares from
French insurance company Covea for 252 million euros ($264.7
million) and to sell it to BNP Paribas's insurance business BNP
Paribas Cardif.
French reinsurer Scor said late Wednesday that its board
authorized the acquisition of 9 million of its own shares,
exercizing an option contemplated by a 2021 agreement with Covea to
settle a dispute that began with a failed hostile takeover attempt
of Scor by Covea.
Under the settlement, Covea granted Scor a call option on its
full stake of 8.8% at a price of EUR28 a share. Scor's shares
closed at EUR28.60 on Wednesday.
Scor said it intends to subsequently sell its shares to BNP
Paribas Cardif at an undisclosed price.
"These transactions aim to normalise Scor's shareholding," the
company said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
October 05, 2023 01:48 ET (05:48 GMT)
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