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French insurer turns to rights issue market.
(From Financial News (Daily))
Scor, the French reinsurer, has become the latest company in its sector to raise funds using a rights issue in a '400m ($393m) offer that will double its market capitalisation.The French firm had a market capitalisation of '420.7m at the close of business on Friday but its shares fell 26% to '7.45 on news of the share sale. It will hold an extraordinary general meeting on November 5 for shareholders to vote on the capital increase.
Scor was unable to confirm which banks will be managing the offer. SG was the bookrunner of a '233.5m convertible bond for Scor back in 1999 but is not thought to be managing the rights issue.
Lehman Brothers also has a relationship with Scor. The French insurance group turned to Lehman for the sale of Coface, its credit insurance business, to Natexis, the investment banking arm of Groupe Banques Populaires, France's fifth largest banking group, in April. Lehman was also the lead manager of a '100m issue of 20-year bonds - which are callable after 10 years - in June 1999.
Single-A rated Scor's last ...
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