September 18, 2012 / 8:35 AM / 5 years ago

Safra set to control 90.47 pct of Sarasin after minority offer

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.

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