February 4, 2019 / 8:53 AM / 20 days ago

Activist fund CIAM criticizes Scor over its Covea tactics

The logo of reinsurance company Scor is seen at its Paris headquarters, in Paris, France, February 24, 2016. REUTERS/Charles Platiau

PARIS (Reuters) - Activist fund CIAM criticized French reinsurer Scor regarding its tactics concerning Covea, which Scor is suing after Covea announced it was dropping plans for a takeover of Scor.

CIAM wrote in a letter dated Jan 31, addressed to Scor chief executive Denis Kessler, that Scor’s “incredibly aggressive legal strategy” had resulted in a loss of over 900 million euros ($1 billion) in market capitalization for Scor shareholders.

CIAM, which holds 0.94 percent of Scor’s capital, added it would “not hesitate to exercise our right to defend our interests as minority shareholders”.

The activist fund also questioned the role of Kessler.

“The unusual opposition you have mounted to this takeover bid leads me to wonder if it may come from your desire to protect your position in the company and your personal interests, to the detriment of Scor shareholders,” it added.

Reporting by Sudip Kar-Gupta; Editing by Inti Landauro

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