Scor (SCOR: A-/BBB+) denied last night that any takeover talks had taken place with Covea. Spreads were broadly unaffected by yesterday’s reports, so we expect the same today.

• Insurance Insider reported last night that Scor denied any takeover talks had taken place with Covea, having reported the interest earlier yesterday. Apparently, the French press is also reported that “sources close to Covea” had denied reports of the talks from that side.
• Scor’s equity rose yesterday but its spreads were marginally wider, indicated the credit market was much less interested in any potential takeover news. As a result, we don’t see much spread downside today.