COUP DE THÉÂTRE. Scor’s (SCOR.PA) botched succession could yet have a happy M&A ending. Shares in the 5.1 billion euro French insurer rose by 4% on Tuesday after a sudden decision by the board to pick Laurent Rousseau to replace Chief Executive Denis Kessler, who is standing down for personal reasons, and separate the CEO and chair roles a year earlier than planned. If shareholders feel befuddled, spare a thought for poor Benoit Ribadeau-Dumas: the man only became deputy CEO in January as a prerequisite to replace Kessler in 2022. He now can’t, the board says, due to his lack of industry experience. The rushed appointment of 42-year-old Rousseau, a former JPMorgan (JPM.N) investment banker, is compounded by Kessler remaining as chairman. Scor looks pretty silly. Still, its governance shortcomings may yet invite predators: since Kessler rebuffed an 8.2 billion euro takeover by Covea in 2018, Scor shares have fallen by roughly one-quarter and trade at 8 times estimated 2022 earnings, a discount to peers, according to Refinitiv data. The debacle might persuade Covea, which already owns 8% of Scor, to take another look. (By Christopher Thompson) On Twitter http://twitter.com/breakingviews Earlier in Capital Calls: Heineken may need to pay up for African punt read more SF"s troubles ruin perfectly good REIT read more AT&T’s deal machine read more Blackstone’s Italy property win is front-page news read more Nordic school-builder buyout is teachable moment read more