May 13, 2020 / 7:56 AM / 13 days ago

Reinsurer Scor's shares rise on renewed Covea bid speculation

PARIS, May 13 (Reuters) - Shares in French reinsurer Scor rose on Wednesday, after a decision by Scor shareholder Covea to drop a previously-agreed deal to buy reinsurer PartnerRe reignited speculation that Covea may look again at Scor.

Earlier this week, Covea walked away from its planned $9 billion purchase of PartnerRe, the reinsurer owned by the Exor holding firm of Italy’s Agnelli family, due to hits caused to the sector by the coronavirus crisis.

A Paris-based fund manager said that a decision by Covea would rekindle speculation of a bid for Scor, whose shares were up 2.8%. In January 2019, Covea - which owns 8.4% of Scor’s share capital - abandoned plans for a takeover of Scor.

Reporting by Sudip Kar-Gupta

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