French reinsurer SCOR formally denied press claims that the group has been in merger discussions with PartnerRe or any other company.
The SCOR statement, which was issued on Sept. 4, comes on the heels of a revelation on the same day that SCOR rebuffed an 8.3-billion-euro ($9.6 billion) unsolicited takeover offer from its biggest shareholder, Covea, which said it’s still interested in pursuing a deal.
On August 30, 2018, SCOR’s board of directors reviewed this unsolicited offer from Covea and determined “it is fundamentally incompatible with SCOR’s strategy of independence, which is a key factor of its development, that it would jeopardize the group’s strong value-creating strategy and that it reflects neither the intrinsic value nor the strategic value of SCOR,” said the statement from SCOR.
The offer was met with unanimous opposition from SCOR’s executive committee. In view of this, SCOR said, any public bid would be deemed hostile.
Topics Mergers & Acquisitions
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