By Adria Calatayud

Scor plans to buy back a 5.01% stake in its own shares from French insurance company Covea for 252 million euros ($264.7 million) and to sell it to BNP Paribas's insurance business BNP Paribas Cardif.

French reinsurer Scor said late Wednesday that its board authorized the acquisition of 9 million of its own shares, exercizing an option contemplated by a 2021 agreement with Covea to settle a dispute that began with a failed hostile takeover attempt of Scor by Covea.

Under the settlement, Covea granted Scor a call option on its full stake of 8.8% at a price of EUR28 a share. Scor's shares closed at EUR28.60 on Wednesday.

Scor said it intends to subsequently sell its shares to BNP Paribas Cardif at an undisclosed price.

"These transactions aim to normalise Scor's shareholding," the company said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

October 05, 2023 01:48 ET (05:48 GMT)

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