And for once they have to answer to anyone I have the feeling to grow with my companyIt is important to inform before decidingIt must not touch sheet floats suspended on hot airHowever on this last point nothing is earnedWe have an ongoing dialogue she continues52 eurocents for the first category of employee against 8The companies have had again all reviewANR also is struggling to maintain its independenceThe next step towards greater maritime safety concerns thus menSCOR and Converium play some tight, in which the calendar takes a prominent place. With in point one for April month in which the French reinsurer must overcome several legal and statutory barriers.
SCOR, which launched a bid of 1.9 billion on its Swiss competitor, has already "secure" 32.9 of the capital: 8.3 directly on the market and 24.6 to two major shareholders of Converium, funds Patinex and Alecta. But it is not yet formally owner of shares referred to in the last two. Indeed, these two blocks have been negotiated at a price of 21,11 Swiss francs. 80 And 20 in cash shall be settled by Exchange of securities.
For SCOR has the entire property, it must obtain a number of regulatory approvals, under review. According to our information, 6/11 would be already acquired, but lacks even the most important, that of the Swiss regulator. "Denis Kessler met him, and the reception has been positive." "They have indicated that they would not play the card of protectionism", indicates a close source from the folder.
It will also require to SCOR get blank check of its shareholders. It is this effect that the French reinsurer has just call for an extraordinary general meeting, April 26. That day, they will be asked to approve the reserved capital increase intended to remunerate Patinex and Alecta. The issue is important. SCOR does not get the go-ahead from shareholders, it would pay two funds entirely in cash, which would undermine its balance sheet. This would be especially a very bad sign for the AG on 24 may, which will have to pronounce on the remuneration of the other shareholders of Converium. In other words, the future of the operation will play this April 26.
Moreover, it would be preferable for SCOR it effectively owner of 32.9 of Converium before the General Assembly of the latter, scheduled on May 10. In principle, it should be a mere formality intended to approve the accounts and the payment of a dividend of 0.20 CHF Swiss. But it is possible that, to counter his French rival, Converium put in place of the defences that it submit to the approval of its shareholders: a super-dividende, a disposal of strategic assets or, conversely, an important acquisition which would interfere with the project of reconciliation between the two groups.
Pandora's box
SCOR will be interest to have his say in the AG. Legally, the Swiss group has 20 days to save the titles. He might be tempted to play the shows and save the securities held by SCOR after his AG. It might also be tempted to move a few days the date of its AG. "It is a possibility which we think," confirms in Zurich. "Technically, they can act as concedes a source on the French side, but, objectively, I would be very surprised that he will be." They open then a box of Pandora, exposing himself to prosecution for nullity of the AG.
In the meantime, both groups are assault of seduction to their shareholders. SCOR went the "roadshow" in recent weeks. In Converium also, new meetings are planned in Zurich and London yesterday and with the Financial Director Paolo de Martin today. Rumors yesterday reported differences in the direction of the Swiss group. The Director of risk, Markus Krall, would be departing.
