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France's financial regulator has rejected Covéa Groupe SAS’s allegations of market abuse against reinsurer Scor SE’s chairman and CEO Denis Kessler.
After investigating Covéa’s claim filed in March this year, the Autorité des Marchés Financiers said “the information it has gathered does not support allegations of market abuse”.
The AMF has therefore informed the French prosecutor’s office, the Parquet National Financier, that there is no evidence of alleged price manipulation behind Scor’s share buybacks in 2018.
Covéa claimed the €195m share buyback programme artificially inflated Scor’s share price following Covéa’s failed takeover attempt in 2018. It also complained that Scor booked €16m in adviser fees for an "imaginary takeover" by Covéa.
Scor said the allegations against Mr. Kessler, which follow a long-running battle between the two companies, were "deceitful and groundless."
It said its increased share price in 2018 was driven by Covéa’s bid for the company in September 2018, rather than the share buyback programme, which was announced in 2017 ahead of the unsolicited takeover offer.
Commercial Risk Europe is a sister publication of Business Insurance. More stories from CRE here.
A French court has ordered insurer Covea Groupe SAS and its chief executive Thierry Derez to pay nearly €20 million ($24 million) in compensation for the damage their misconduct has caused reinsurer Scor SE, Reinsurance News reported. Covea is Scor's largest shareholder and the court said Mr. Derez committed a serious breach of his legal and fiduciary duties and obligations as a director of Scor by disclosing confidential information and documents about the reinsurer to Covea and its advisors.