Banks breathe sigh of relief over Scor rights issue

BNP Paribas, Goldman Sachs and HSBC-CCF have avoided carrying Scor equity on their books following the successful completion of troubled French re-insurer Scor's €751m ($951m) rights issue.

The equity raising was fully subscribed despite initial investor scepticism following a difficult period for the company. Take-up was put at 104% thanks to a French ruling that allows shareholders to subscribe to more than their allotted proportion if there are shares outstanding.

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