Scor launches bid for Converium of 0.5 new share plus 4 sfr cash |
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Mon, 26 Feb 2007 09:35
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PARIS (AFX) - French reinsurer Scor SA said it is launching an offer of half of one of its shares plus 4 sfr in cash per Converium Holdings share, with a view to acquiring the 67.1 pct it doesn't already own in its Swiss rival.The offer is worth 21.1 sfr per Converium share, a 27 pct premium to Converium's share price on Jan 4 before news of Scor's interest, the bidder said.Scor said the deal would create the world's fifth biggest reinsurer.Scor announced last Monday that it holds 32.9 pct of Converium and still wants to acquire control of its Swiss rival, despite the rejection by Converium's board of an initial offer of 21 sfr per share, valuing Converium at 3.1 bln sfr.Andrew.Newby@Thomson.coman/anCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Scor says holds 32.9 pct stake in Converium; still wants to acquire rest 