SCOR/Converium Merger Pact Final Settlement; Share Issue

France’s SCOR Group announced that it has effectively concluded its share purchase/merger deal with Swiss-based Converium Holding AG.

As of the close of its tender offer on July 26, 2007, SCOR had received 15,032,037 additional Converium shares (10.25 percent of those outstanding). Together with the 48,320,350 Converium shares already owned by the SCOR Group and the 77,937,316 Converium shares tendered during the initial period of the Offer, SCOR holds 96.32 percent of Converium’s share capital in the aggregate.

The settlement and delivery of the shares offered was scheduled to take place on Wednesday, August 8.

The announcement noted: “As part of the settlement and delivery of the Offer, in accordance with the conditions set forth in the Offer prospectus published on April 5, 2007, as amended on June 12, 2007, SCOR will today issue 46,484,676 new shares, at a unit price of €18.79 [$25.88], comprising €10.9130277 [$15.03] of issue premium and €7.8769723 [$10.85] of nominal value, giving a global capital increase amount (including the issue premium) of €873,447,062.04 [$1.203 billion].

“Consequently, SCOR’s share capital will rise from €1,073,176,964.97 [$1.478 billion] to €1,439,335,470.20 [$1.982 billion], composed of 182,726,994 shares with a nominal value of €7.8769723 [$10.85] each.”

The New Shares are in the process of delivery and will be listed on the Euronext Eurolist (segment A) and on the foreign segment of the SWX Swiss Exchange.

Source: SCOR – www.scor.com.

Topics Mergers & Acquisitions