04 December 2017
Greatest diligence due with shareholder disclosures
On 22 December 2016, the Chinese aviation conglomerate HNA Group completed the public takeover of gategroup Holding AG (launched about eight months before) by paying the offer price of CHF 53 per share to the accepting shareholders. Shareholders rejecting the offer were compensated by way of a stock exchange squeeze-out. The total offer price paid by HNA in the takeover of gategroup amounts to approx. CHF 1.4 billion. On 27 April 2017, the gategroup shares were delisted from the Swiss stock exchange. After Swissport and SR Technics, this was the third former Swissair subsidiary taken over by HNA in Switzerland, in addition to HNA building up a substantial stake in Dufry.Read more
15 August 2017
Can Swiss Parties provide evidence to a foreign court?
Blocking statutes, international judicial assistance, authorisations and exceptions
The Swiss blocking statute
Art. 271 of the Swiss Criminal Code (SCC) prohibits carrying out activities on behalf of a foreign state on Swiss territory without lawful authority, where such activities are the responsibility of a public authority or public official. In principle, the obtaining of evidence for court proceedings abroad constitutes the exercise of public powers pursuant to Swiss case law.