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Activist fund CIAM criticizes Scor over its Covea tactics

Activist fund CIAM criticizes Scor over its Covea tactics

(Reuters) — Activist fund CIAM criticized French reinsurer Scor SE regarding its tactics concerning Covea Mutual Insurance Group Co., 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 ($1 billion) in market capitalization for Scor shareholders.

CIAM, which holds 0.94% 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 Mr. 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.



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