French Insurers End Long Legal Feud Over Failed Takeover

Law360, London (June 11, 2021, 5:01 PM BST) -- French reinsurers Scor SE and Covea Group have reached a settlement ending their bitter three-year legal battle after a planned €8.2 billion ($9.9 billion) takeover soured, announcing their intention to resume "peaceful relations" as Covea sheds shares in its rival. 

The deal, announced late Thursday, sees Covea offload its shares and pay Scor €20 million as the sides abandon their wide-ranging legal war over the failed takeover attempt.

The peace pact is intended to restore normal business relations between the companies, which will not have to admit fault as part of the settlement, they said in a statement. The deal will apply...

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