Monday, April 16, 2007

Converium sues Scor in US in hostile bid wrangle

(Reuters) - ZURICH, April 17 - Swiss reinsurer Converium said it had filed a U.S. lawsuit against Scor , taking the next step to fend off a $2.5 billion hostile takeover bid by its French rival. Converium said Scor had unlawfully excluded Converium's shareholders in the United States from its bid. Scor had also failed to make proper disclosures on its purchase of Converium shares, Converium said in a statement on Tuesday.

"Converium is seeking an order enjoining Scor from consummating the offer until Scor and Patinex have complied with their obligations ... including Scor extending the offer to Converium's United States shareholders," Converium said.


Read more at Reuters.com Mergers News

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