Swiss panel OKs SCOR bidding for Converium.(International News)(Brief article)

Byline: Michael Bradford

PARIS-SCOR S.A. has opened its tender offer to purchase Swiss rival Converium Holding Ltd.

Paris-based SCOR has gained approval from the Swiss Takeover Board to proceed with the offer, which expires July 9.

For each of Zurich-based Converium's shares, SCOR is offering half a SCOR share, 5.50 Swiss francs ($4.43) and an amount in Swiss francs equal to 40 euro cents ($0.53), which represents half of Converium's per-share dividend last …