One of Switzerland's leading private banks, Julius Baer announced on Monday that it plans to reform its voting structure in order to become a fully public company, a move which has led to speculation of a potential outside takeover or acquisition campaign.
In a statement, the firm explained that:
"The Board of Directors of Julius Baer Holding Ltd. will propose the introduction of a single-share structure based on registered shares at the Annual General Meeting to be held on 12 April. With the unification of the capital structure and voting rights, Julius Baer will bring its capital structure in line with the "one share, one vote" principle."
"As a fully public company, Julius Baer will strengthen its corporate governance and create a strong foundation for future growth. As a consequence of the unification, the voting rights of the Baer family will reflect the family’s economic rights, which currently stand at 18% including staff."
According to reports in the Swiss media, the bank's chairman, Raymond Baer sought this week to play down speculation of a takeover, stressing that the intention behind the move was to allow the company more options to "develop independently".
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment