SCOR condemns a deceitful and groundless move by the Covéa Group, three months before the criminal proceedings directed agai...
24 März 2021 - 9:15PM
SCOR condemns a deceitful and groundless move by the Covéa Group,
three months before the criminal proceedings directed against Covéa
and Thierry Derez
Press ReleaseMarch 24, 2021 - N° 7
SCOR condemns a deceitful and groundless
move by the Covéa Group, three months before the criminal
proceedings directed against Covéa and Thierry Derez
SCOR was astonished to learn that Covéa has
filed, "on behalf of SCOR", a complaint against Denis Kessler.
SCOR wonders what led Covéa to file this
complaint, more than 2 years after it became aware of the facts it
pretends to report.
The facts mentioned by Covéa in its press
release, namely the expenses that SCOR was obliged to incur to
defend itself against Covéa's unsolicited takeover attempt on SCOR
in 2018, as well as the extra costs incurred by SCOR in connection
with the implementation of its share buy-back program, are
perfectly justified and legitimate, and are in no way new
revelations:
- They were brought forward by SCOR in the proceedings initiated
in 2019 against Thierry Derez and Covéa, as elements of the
financial prejudice for which SCOR seeks compensation;
- In this respect, on November 10, 2020, the Paris Commercial
Court ordered Thierry Derez and Covéa to pay the sum of EUR
19,603,191, plus interest, corresponding to an indemnification of
SCOR for part of this injury.
Covéa
is therefore complaining about the consequences of its own
misconduct and that of Thierry Derez.
SCOR points out that its board of directors
unanimously decided not to proceed with this unsolicited proposal
and that it approved all the decisions related to it.
The allegation of market manipulation is just as
surprising. SCOR’s share buy-back program, of EUR 200 million over
two years, was announced to the market by SCOR on July 27, 2017, at
a time when Thierry Derez was still a director of SCOR, more than
one year before the takeover attempt. It is therefore absolutely
groundless and deceitful to suggest that it was initiated as a
result of Covéa's offer. It was Covéa which, through its press
release of September 4, 2018, and its second ambiguous press
release of September 27, 2018 "reiterating its interest" in SCOR,
caused a strong increase in SCOR's share price, as clearly
established by the Paris commercial court in its decision of
November 10, 2020, which raised Covéa’s "malicious intent".
This complaint clearly seems to have one single
goal: to divert attention from the serious misconduct of Thierry
Derez and Covéa in connection with the preparation and
implementation of Covéa’s unsolicited takeover bid for SCOR in
2018.
SCOR points out that in a judgment rendered on
November 10, 2020, the Paris Commercial Court ruled that Thierry
Derez committed a serious breach of his obligations as a director
of SCOR in his personal capacity (regarding loyalty, conflicts of
interest, and confidentiality), by disclosing confidential SCOR
information and documents to Covéa and its advisors with the aim of
wrongfully favoring the preparation and implementation of an
unsolicited takeover of SCOR by Covéa.
The Paris Commercial Court also ruled that Covéa
knowingly participated in and benefited from Thierry Derez’s
misconduct, and that the public communication of their unsolicited
takeover bid for SCOR was wrongful.
Covéa's complaint also occurs while the criminal
trial against Mr. Thierry Derez and Covéa – for breach of trust and
concealment of breach of trust respectively – will take place on
July 5 and 6, 2021, before the Paris Criminal Court.
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Contact details
CommunicationsJérôme Guilbert+33 (0)1 58 44 79
19jguilbert@scor.com
Investor RelationsOlivier Armengaud+33 (0)1 58
44 86 12oarmengaud@scor.com
www.scor.com
LinkedIn: SCOR | Twitter: @SCOR_SE
SCOR, a Global Tier 1
Reinsurer
SCOR, the world’s fourth largest reinsurer,
offers its clients a diversified and innovative range of solutions
and services to control and manage risk. Applying “The Art &
Science of Risk”, SCOR uses its industry-recognized expertise and
cutting-edge financial solutions to serve its clients and
contribute to the welfare and resilience of society.
SCOR offers its clients an optimal level of
security with its AA- rating from S&P, Moody’s, Fitch and AM
Best. The Group generated premiums of more than EUR 16 billion in
2020, and serves clients in more than 160 countries from its 36
offices worldwide.
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