SCOR set to buy Converium in friendly deal

PARIS—SCOR S.A. and Converium Holding Ltd. have reached a friendly agreement for SCOR to buy its Swiss rival after a protracted battle.

SCOR announced it would increase its offer price to half a SCOR share and 5.50 Swiss francs ($4.50) per Converium share.

SCOR said it would—for a period of 12 months following the settlement of a deal—ensure no layoffs of Converium staff, and would maintain a strong presence in Zurich, among other things.

Zug, Switzerland's board of directors unanimously and unconditionally recommends the offer, it said.