23 April 2018
When do you have to disclose your Shareholding in a Swiss Target?
Shareholder Activism Series: A Primer on the Swiss Legal Framework
This blog series puts the spotlight on legal issues relevant to activist shareholders and event-driven institutional investors in Swiss target companies and introduces market participants from abroad to the pillars of Switzerland's legal framework.Read more
05 March 2018
Pitfalls for Swiss industrial companies in derivative trading
FMIA as part of global derivative regulation
Since 1 January 2016, the Swiss Financial Market Infrastructure Act (FMIA) has been in force. Among other things, the FMIA implements the worldwide regulation of the derivative market in Switzerland, which was the intention of the G20 summit in Pittsburgh in 2009. It contains numerous obligations for Swiss companies both in and outside the financial sector. With its Guidance 5/2017, FINMA extended the transitional periods for the fulfillment of the mandatory derivative reporting obligation in accordance with the FMIA for so-called NFC- until 1 January 2019. What does this mean for Swiss industrial companies?
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