March 11, 2020 / 7:53 PM / 19 days ago

Majority owner plans offer for all of Pargesa Holding

ZURICH (Reuters) - The majority owner of Pargesa Holding (PARG.S) plans to take over the entire Swiss financial company by offering 0.93 shares of GBL (GBLB.BR) for each Pargesa share, it said on Wednesday.

The offer by Parjointco, a vehicle of the allied Frere and Desmarais families, values Pargesa shares at 72.55 Swiss francs each, a 16% premium to the closing price of 62.65 francs on Wednesday, it said.

The Frere-Desmarais group also controls Euronext-listed GBL. The idea of the offer is to transfer shares of Pargesa to GBL, which trades at less of a discount to net asset value, and then delist Pargesa from the SIX Stock Exchange, it said.

The offer is set to run from May 8 to June 8 if not extended. It is conditioned on winning control of at least 90% of Pargesa’s voting rights.

Pargesa’s main asset is a 51.7% voting stake in GBL.

Reporting by Michael Shields; editing by David Evans

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