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News focus - 'SCORverium' merger deal stacks up financially, claims analyst.
(From Reinsurance)
A leading analyst has described the possible tie-up of European reinsurers SCOR and Converium as being earnings-accretive and demonstrating good industrial logic.
Keefe, Bruyette & Woods (KBW) analyst William Hawkins said the hostile takeover bid by SCOR had taken them by surprise, but that the deal stacks up financially, with a prospective improvement in earnings per share of 2% on offer, as well as possible annual cost savings of 8%.
KBW said it attached a reasonable probability to SCOR raising its offer for Converium, mooting the idea that it may decide that an extra $1.61-3.23 (CHF 2-4) per share of cash is worthwhile if an already-hostile ...
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- Converium Seeks to Arrange a US$ 800 Million Syndicated Letter of Credit...
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...BUSINESS WIRE)--April 16, 2003 Converium seeks to arrange a US$ 800 million syndicated...Barclays Capital and Commerzbank. Converium Ltd has mandated ABN AMRO, Barclays...proposed transaction is a debut facility for Converium in the international syndicated loan...
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