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French Insurer Covea abandons plans to buy reinsurer Scor

French Insurer Covea abandons plans to buy reinsurer Scor
GILE PHOTO: The logo of reinsurance company Scor is seen at its Paris headquarters, in Paris, France, February 24, 2016. REUTERS/Charles Platiau   -   Copyright  Charles Platiau(Reuters)
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PARIS (Reuters) – French insurer Covea on Tuesday abandoned plans for a deal with reinsurer Scor, causing Scor’s shares to fall sharply.

“Covea takes note of Scor’s refusal to enter into any discussions in relation to Covea’s proposed friendly transaction offer addressed on 24 August 2018. The continued attacks and hostile tactics targeting Covea since then have intensified in the last few days,” Covea said in a statement, without elaborating.

“As a consequence, Covea states that a transaction with Scor is no longer part of its strategic options,” it added.

(Reporting by Sudip Kar-Gupta; Editing by Inti Landauro; Editing by Inti Landauro)

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