Safra set to control 90.47 pct of Sarasin after minority offer
ZURICH, Sept 18
ZURICH, Sept 18 (Reuters) - Brazilian-Swiss private bank Safra said it was set to control 90.47 percent of Sarasin after an offer to minority shareholders, adding it had extended the offer to Oct. 5 in the hope of getting more acceptances.
Safra bought a controlling stake in the Swiss private bank from Dutch cooperative Rabobank last year.
Its stake equates to 94.46 percent of voting rights in Sarasin, which has two types of shares with different voting rights.
"We would expect more minority shareholders to accept the offer in this (extended) period," Vontobel analysts said on Tuesday in a note. The brokerage rates the stock a 'hold'.
Zuercher Kantonalbank said minority shareholders should use the extension to sell their Sarasin stock.
Safra beat Julius Baer in a contest to buy Sarasin last November. Baer went on to buy Bank of America Merrill Lynch's overseas wealth-management business for up to 860 million Swiss francs ($929 million) last month.
- Nurse defies Ebola quarantine with bike ride; negotiations fail |
- China says nets 180 graft suspects in overseas manhunt
- Bike-riding nurse defies Ebola quarantine, on collision course with governor |
- Special Report: Tsunami evacuees caught in $30 billion Japan money trap
- Ukraine, Russia, EU agree to natural gas supply deal