Scor gains nearly 1.5% on the Paris stock exchange, as UBS reiterates its buy recommendation on the stock with a price target of E36.40.

The analyst believes that the use of call options promotes corporate governance.

' Scor is using 57% of its call option as part of an operation aimed at improving corporate governance' stresses the analyst firm.

Scor announced yesterday the acquisition of nine million of its own shares, representing 5.01% of its capital, through the partial exercise of the call option granted by Covéa, and their subsequent sale to BNP Paribas Cardif, as part of an off-market transaction.

Covéa has granted the reinsurer a firm and irrevocable call option on its entire stake in Scor - i.e. 8.8% of the capital - at a price of 28 euros per share.


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