France’s SCOR Group announced that its Board of Directors has adopted plans to transform the Company into a Societas Europaea, or SE. SCOR SA – its current status – will become the first French listed company to do so. SCOR Vie, its operating life reinsurance subsidiary, will also adopt SE status by means of transformation.
Germany’s Allianz became the first European insurer to opt for the new designation last year (See IJ Website Sept. 13, 2005).
SCOR said its SCOR Global P&C unit had “submitted a cross-border merger treaty to the Nanterre Commercial Court registry” on July 3. As a result it will become “the first company in France to adopt the status of Societas Europaea through the absorption of its German and Italian subsidiaries. It will also become the first company in Europe to complete a tripartite transaction of this kind involving three different jurisdictions.”
“The new statutes of the three companies will come into affect once the extraordinary general meetings of each company have given their approval, and once each company has been registered as a Societas Europaea with the Nanterre Commercial and Companies Registry.”
SCOR noted that the adoption of the SE corporate form “will in particular enable the SCOR group to strengthen its multinational and European identity, to facilitate its acquisition transactions in Europe, to improve its financial flexibility and also to increase its flexibility with regard to capital allocation.”
SCOR also said the move “affirms its European outlook and the repositioning of its business on the European and Asian markets. The Group is demonstrating its desire to be a company with European roots and global reach.”
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