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Scor rejects Covea Insurance acquisition offer

France's Scor SE rejected an acquisition offer from SGAM Covéa after determining that it reflected "neither the intrinsic value nor the strategic value" of the company.

Covea had offered €43 per share for the French reinsurer, Reuters reported. Covea has an 8.22% stake in Scor.

Scor acknowledged Covea's decision to withdraw its proposal on a potential combination.