23May08

Press release

Group

SCOR completes cancellation action of SCOR Holding (Switzerland) Ltd.’s shares

SCOR announces that following the cancellation of the SCOR Holding (Switzerland) Ltd. (“SHS”) shares that are not owned by SCOR Group, the cancellation compensation will be settled on 6 June 2008. The SHS shares will be delisted from the SWX Swiss Exchange on 30 May 2008 with a last trading day on 29 May 2008.

SCOR announces that following the cancellation of the SCOR Holding (Switzerland) Ltd. (“SHS”) shares that are not owned by SCOR Group, the cancellation compensation will be settled on 6 June 2008. The SHS shares will be delisted from the SWX Swiss Exchange on 30 May 2008 with a last trading day on 29 May 2008.
 
Legal basis
 
On 15 May 2008, the Commercial Court of Zurich declared the remaining publicly held shares of SCOR Holding (Switzerland) Ltd at a nominal value of CHF 5 that are not owned by SCOR Group as cancelled, pursuant to Article 33 of the Swiss Federal Act on Stock Exchanges and Securities Trading. The owners of the SHS shares declared cancelled will receive a compensation corresponding to the consideration offered in the framework of the public tender offer initiated by SCOR S.E. on 5 April 2007 and amended on 12 June 2007.
 
Compensation
 
For each SHS share a consideration of 0.5 fully paid shares of SCOR with a nominal value of EUR 7.8769723, CHF 5.50 in cash and EUR 0.40 in cash, converted to Swiss francs at the EUR/CHF exchange rate applicable on the day preceding the settlement of the offer (EUR 1 = CHF 1.6427), will be paid. In addition, EUR 0.40 will be paid, corresponding to half of the dividend paid per SCOR share for 2007, converted into Swiss francs at the EUR/CHF exchange rate applicable on the day preceding the settlement of the cancellation compensation. Any fractional amount for half a share of SCOR will be paid out in cash in Swiss francs and correspond to CHF 15.49. The shares of SCOR S.E. have a secondary listing on SWX Swiss Exchange.
 
Payment
 
As of 6 June 2008, the respective deposit banks of the SHS shares holders will automatically book out the cancelled SHS shares from the deposit accounts against credit of the above compensation.
 
Delisting
 
SHS has requested to have its shares delisted from the SWX Swiss Exchange on condition of the cancellation of the remaining publicly-held shares of SHS. In a decision dated 14 November 2007, SWX Swiss Exchange approved this request. The delisting will take place on 30 May 2008. The last trading day of the SHS shares on the SWX Swiss Exchange will be 29 May 2008.
 
 
François de Varenne, Chief Operating Officer of SCOR comments: “With the squeeze-out completed and the shares of SHS delisted in Switzerland and in the United States and deregistered with the SEC, SCOR completes its acquisition of Converium less than one year after it opened its public tender offer on 12 June 2007. SHS is now a fully owned subsidiary of the SCOR Group, representing a major milestone in the integration process that is well on track.”    

Contact

Marie-Laurence Bouchon

Group Head of Communications

+33 (0)1 58 44 75 43

mbouchon@scor.com

 

Ian Kelly

Head of Investor Relations

+44 203 207 8561

ikelly@scor.com