total victory over its one-time foe and largest shareholder.
As part of the surrender, the mutual insurer run by Thierry Derez will grant Scor the right to buy its 8% stake at 28 euros per share, a measly 1% premium. Covea also agreed not to buy any new Scor shares for 7 years, back all draft resolutions submitted by the board, and take a chunk of Scor’s Irish life insurance business for $1 billion.
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