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International Press Coverage of CIAM

Scor-Covéa : la Banque de France pousse à un armistice dans la guerre de l’assurance

Le Monde rapporte que deux intermédiaires sont intervenues pour résoudre le conflit entre Scor et Covéa. Le nouvel objectif est de parvenir à un accord avant le 15 juin, alors que l’assureur français et son principal actionnaire sont déjà impliqués dans des procédures judiciaires l’un cotre l’autre. Un troisième acteur, CIAM, a mené un vote à l’assemblée générale contre la rémunération de M. Kessler, le PDG de Scor, qui a été soutenu par 45% d’actionnaires.  

Scor-Covea: Bank of France pushes for an armistice in the war of insurance

Le Monde reports that two mediators have intervened to resolve the conflict between French reinsurer Scor and its main shareholder Covéa. The new goal is to reach an agreement before 15th June, while the companies are already involved in legal proceedings against one another. A third player, CIAM, urged investors to vote against the pay package of CEO Denis Kessler and gained the support of 45% of shareholders present.

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Le MondeCIAM
Scor : une victoire à la Pyrrhus

Le Revenu rapporte que l'assemblée générale du réassureur s'est tenue ce 26 avril sur fond de tensions. La demande de CIAM de dissocier les fonctions de président du conseil d’administration et de directeur général a nettement été écartée. Cependant, suite aux pressions du fonds activiste, l’assemblée a amené une faible approbation des résolutions sur la rémunération de Denis Kessler.

Scor: a Pyrrhic victory

Le Revenu reports that SCOR’s annual general meeting was held on 26th April against a background of tensions. While CIAM’s request for the dismissal of Denis Kessler as Chairman did not win support, the weak approval of the resolutions on his remuneration is a clear indication of change.

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Le RevenuCIAM
Slim majority of Scor shareholders back CEO's pay deal

Reuters reports that shareholders in French reinsurer SCOR approved the remuneration package of CEO Denis Kessler during the company’s AGM. However, the article highlights that only 54 percent of the shareholders present at the meeting approved the pay package. CIAM had requested shareholders to reject the pay package and to oust Kessler from the Board.

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ReutersCIAM
The two activist musketeers of CIAM

The Sunday Times profiles Catherine Berjal and Anne-Sophie d’Andlau of CIAM, noting that the fund has been at the centre of some of the biggest recent corporate battles in Europe, including a dispute with Walt Disney over its acquisition of Euro Disney and a campaign against the Dutch retail giant Ahold Delhaize. The fund, which manages $600m, is currently campaigning to remove the Chairman of French reinsurer SCOR.

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The Sunday TimesCIAM
Un fonds activiste s’attaque à Denis Kessler, le PDG de Scor

Le Monde rapporte que CIAM demande le départ de Denis Kessler, le PDG du Scor. CIAM, qui détient 0,94% de l’assureur français va exprimer ses demandes officiellement pendant la prochaine assemblée générale le 26 avril. CIAM a cité le désire « d’améliorer la gouvernance de Scor » et de séparer « des pouvoirs » comme les raisons principales pour le départ, ainsi que la grosse rémunération de M. Kessler.

Activist fund tackles Denis Kessler, Scor's CEO

Le Monde reports that CIAM is pushing for the removal of Denis Kessler from the Board of Scor. CIAM, which owns 0.94% of the French insurer, will officially declare its requests during the next AGM on April 26th. CIAM cited the desire "to improve Scor's governance" and to separate the functions of Chairman and CEO as the primary reasons for demanding Mr. Kessler’s departure, as well as his high pay.

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Le MondeCIAM
Investors call for Denis Kessler to step down from SCOR Board

Reinsurance News reports that CIAM has asked shareholders of French reinsurer SCOR to remove Denis Kessler from the Board at the company’s next general meeting. CIAM expressed further concern about executive pay, the lack of a public succession plan and criticised the composition of the Board. CIAM also called on shareholders to vote against the reappointment of Augustin de Romanet as a Director on the Board.

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Reinsurance NewsCIAM
L’arbitrage poursuit sa route / Merger arbitration going strong

by Fabrice Anselmi

L'Agefi rapporte que les prix des actions, du pétrole et des crédits ont chutés en 2018, cependant les hedges funds qui poursuivent des stratégies d’arbitrage de fusions ont généré des bons résultats. Pour 2019, le marché M&A pourrait ralentir globalement, “mais pas en Europe où les ‘deals’ défensifs sont nécessaires pour lutter face aux acteurs américains et chinois”, poursuit Anne-Sophie d’Andlau, associée de CIAM.

L’Agefi reports that while the price of stocks, oil and credit fell in 2018, hedge funds pursuing merger arbitrage strategies performed well. The article notes that while the M&A market is forecast to slow down in 2019, Anne-Sophie d’Andlau, co-founder of CIAM, predicts that it will “not in Europe where defensive strategies are needed against American and Chinese players". The article also highlights CIAM’s strong performance in 2018.

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L'AgefiCIAM