SCOR announces that its subsidiary SCOR Holding (Switzerland) Ltd. delisted its American Depositary Shares (“ADS”) on 7 January 2008 from the New York Stock Exchange, following the company's application for voluntary delisting filed on 26 December 2007. 

 

This decision by SCOR Holding (Switzerland) Ltd. to delist from the New York Stock Exchange and to terminate the registration of its securities under the US Securities Exchange Act of 1934, was motivated by SCOR SE's acquisition of more than 98% of the outstanding shares and ADS of SCOR Holding (Switzerland) Ltd. 

 

On October 25, 2007 SCOR filed a cancellation action with respect to the remaining shares of SCOR Holding (Switzerland) Ltd. not owned by the SCOR Group in accordance with article 33 of the Swiss Federal Act on Stock Exchanges and Securities Trading. The squeeze-out is expected to be terminated by the end of the first quarter of 2008, enabling SCOR to hold 100% of SCOR Holding (Switzerland) Ltd.’s share capital.

 

This decision by SCOR Holding (Switzerland) Ltd. to delist from the New York Stock Exchange and to terminate the registration of its securities under the US Securities Exchange Act of 1934 was made in the interest of all shareholders.

 

The primary market for SCOR's shares is Euronext; a secondary listing of SCOR SE exists at the SWX Swiss Exchange.