SCOR SE (“SCOR”) has reached an agreement with Altarea SCA (“Altarea”) to acquire Altarea’s stake in the retail real estate company M.R.M. SA (“MRM”), representing around 15.92% of the share capital of MRM. SCOR, which has been MRM’s majority shareholder since 2013, will hold around 72.48% of the share capital and voting rights of MRM.

This operation will lead SCOR to file a simplified public tender offer for the remaining shares held by MRM minority shareholders. Subject to the legal threshold being reached, it will be followed by a squeeze-out. The offer remains subject to examination and clearance by the AMF and will be financed with SCOR’s available cash funds.

With the perspective of a possible squeeze-out, SCOR envisages an offer price estimated at EUR 35.4 per MRM share, valuing MRM at EUR 113.7 million for 100% of the share capital.

This transaction will enable SCOR to manage its retail real estate portfolio directly and will give the company greater flexibility in its asset valuation and arbitration strategy.

Clifford Chance advises SCOR with a team consisting of Aline Cardin and Mathieu Remy, partners, Benjamin Saada, senior associate, and Jordan Amsellem, associate, on the corporate / M&A aspects, as well as Alexandre Lagarrigue, partner, on the tax aspects.