Reinsurer SCOR's shareholders on Friday blocked an attempt by an activist f...
PARIS - Reinsurer SCOR’s shareholders on Friday blocked an attempt by an activist fund to oust the company’s CEO, in a sign that activist investors are increasing pressure on French blue chips.
CIAM’s attempt to oust Kessler came after months of tension over French co-operative insurer Covea’s failed 8.2 billion euro takeover bid for SCOR last year, which was opposed by Kessler and had earned him criticism from CIAM. New York hedge fund Elliott Management, for example, has put pressure on drinks group Pernod Ricard. The French government is examining measures to prevent activists from destabilizing French companies.
“Kessler is now under watch,” Catherine Berjal, the co-founder of CIAM told Reuters after the vote. “He saved his salary by a short margin, he will have to justify it now,” she added. “We have a succession plan, but I don’t want to unveil it too much in advance to avoid destabilizing the company,” Kessler told Reuters after the shareholders’ meeting.
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