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PARIS SCOR S.E. will formally control Converium Holding A.G. when it settles its offer for the reinsurer today.
SCOR, based in Paris, held 96.32% of Converium shares after a final offer period ended last week. Today it plans to issue 46.5 million new shares priced at €18.79.
The change in ownership means Converium's board of directors will step down at the company's Aug. 30 extraordinary general meeting. They will be replaced by a board that includes Denis Kessler, chairman and chief executive officer of SCOR, Jean-Luc Besson, SCOR's chief risk officer and Victor Peignet, CEO of SCOR Global P&C-Worldwide.