The CEO of French insurance conglomerate Covea has resigned from the board of fellow insurer SCOR following a failed takeover attempt conducted by his company. SCOR had rejected an acquisition attempt from Covea in Tuesday . The offer is said to have been worth € 9.2bn ($ 9.2bn ). “The company (Scor) simply asked him to take the consequences of the unacceptable conflict of interest in which he placed himself,” said Scor, adding that it had not placed any obstacles in the way of Derez. Thierry Derez CEO Thierry Derez had previously temporarily withdrawn from his position on SCOR's board, citing a conflict of interest. Covea is SCOR's largest shareholder, owning roughly an 8.2 percent stake of the company.
The CEO of French insurance conglomerate Covea has resigned from the board of fellow insurer SCOR following a failed takeover attempt conducted by his company. SCOR had rejected an acquisition attempt from Covea in Tuesday . The offer is said to have been worth € 9.2bn ($ 9.2bn ). Thierry Derez CEO Thierry Derez had previously temporarily withdrawn from his position on SCOR's board, citing a conflict of interest. Covea is SCOR's largest shareholder, owning roughly an 8.2 percent stake of the company.