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PARIS SCOR S.A. will own more than 96% of Swiss reinsurer Converium Holding A.G. with the additional 14.9 million Converium shares that were tendered in an acceptance period that ended July 26.
The combined entity plans to have a new underwriting plan in place in time for reinsurers' annual gathering in Monte Carlo, Monaco in September, SCOR said in a statement.
Paris-based SCOR held 86.07% of Zurich, Switzerland-based Converium's share capital after a preliminary offer period closed July 9. The additional l0.16% of shares were acquired in the second period that ran from July 13 to July 26.
Settlement of the offer is scheduled for Aug. 8.
"The immediate integration efforts focus on offering one face to the clients in time for the yearly industry meeting in Monte Carlo in early September," Converium said in a statement.