Enter multiple symbols separated by commas

Converium in Talks with White Knight Bidders


Swiss reinsurer Converium is looking for rival bidders to fend off Scor's hostile takeover attempt but has not yet received any firm offers, the company said on Friday.

"We are increasingly considering the option of finding a white knight," spokesman Beat Werder said.

"We are in talks, but there are no formal offers on the table other than the one you've seen from Scor," he said.

Converium last month rejected Scor's 3 billion Swiss franc ($2.46 billion) informal bid for its business as too low, but analysts say will be tough to battle the French group because it already holds a third of Converium's stock.

The two groups showed a poor business fit, Werder said, and a possible white knight bidder could well come from the one of the Bermuda-based reinsurers, which often have large U.S. exposure but little business in Europe.

"A strategic business fit is more likely to be found from companies who are not as strong in the European markets ... especially Bermuda-type businesses," Werder said.

Scor plans to offer half a new Scor share plus 4 Swiss francs in cash for each Converium share, equalling roughly 21 francs at the time of the bid. But the offer has since lost value because Scor's share price has fallen.

Contact U.S. News


    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • Mark Cuban and Donald Trump

    Donald Trump appears to have Mark Cuban's vote, at least in terms of how the billionaire real estate mogul is conducting his political campaign.

  • Ferrari 488 Spider

    Ferrari's new 488 Spider will have a V-8 turbo engine and a retractable hard-top roof that lowers in just 14 seconds.

  • Members of the New Horizons science team react to seeing the spacecraft's last and sharpest image of Pluto before closest approach later in the day at the Johns Hopkins University Applied Physics Laboratory (APL) in Laurel, Maryland July 14, 2015.More than nine years after its launch, a U.S. spacecraft sailed past Pluto on Tuesday, capping a 3 billion mile (4.88 billion km) journey to the solar system's farthest reaches, NASA said.

    The New Horizons Pluto flyby mission set records for NASA's social media and web metrics——but why do we care so much?

U.S. Video