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| Swiss banking commission says Ebner, Scor acted as team in Converium takeover |
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ZURICH (Thomson Financial) - The Swiss Federal Banking Commission (EBK) has confirmed the Swiss takeover commission's (UEK) decision that former Converium Holding AG shareholder Martin Ebner acted as a team with French reinsurer Scor SA in its takeover of Converium, according to an article in Swiss bi-weekly Finanz und Wirtschaft on Saturday.
The newspaper said the decision is not expected to have any major consequences in the light of Converium board's decision to approve the takeover by Scor after initially resisting its offer in April. It said Ebner and Scor will split payment of 55,000 sfr in procedural fees.
However, an article in Swiss weekly SonntagsZeitung speculated that the banking commission could impose a maximum fine of 2 mln sfr on Ebner and Scor in the worst case.
Ebner sold his 20 pct stake in Converium, held by Patinex AG, in February, helping Scor to build its own stake in the Swiss reinsurer to 32.9 pct.
By Sarah Fenwick
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