Of Special Interest
- Financial wellness affects half of peoples’ mental or physical health, finds report
- Study finds traditional financial institutions embrace Fintech disruption
- Grass is greener for environmentally friendly businesses, finds Barclays
- Prospective homeowners would consider a 40-year mortgage to escape renting, finds Santander
- Millennials’ needs are changing the face of banking industry, says new report
- FS is putting consumer data at risk by failing to protect mobile apps, says Arxan
- A lack of belief in their ability holds 28% women back in work, says Cambridge & Counties
- ‘Which?’ reveals Scotland has lost over a third of its bank branches in eight years
- Next downturn unlikely to be as bad as 2008, according to S&P
- FCA reveals findings from first cryptoassets consumer research
- US consumers favour single mobile app for banking and payments
- Banks suffering major IT shutdowns every day, ‘Which?’ reveals
- The US will be a key offshore centre in 2019, says GlobalData
- Debit industry changes markedly in 10 years of the Debit Issuer Study
- UK's ‘Big Five’ face ‘too big to compete’ as small challengers secure stellar returns
- Banks as vulnerable now as before crash, says new study
- Leverage ratio a constant conundrum for European and US banks, says SNL
22nd November 2011
Baer bid for Sarasin
The Tagesanzeiger newspaper reports that Julius Bär has bid CHF 39 per share for the 46% Bank Sarasin stake owned by Rabobank. This would value the bank at around CHF 2.5bn (€2.0bn £1.7bn $2.7bn ¥210bn Y17.4bn) and is a 13.5% premium on Friday's close. Although the Rabobank stake is a minority of total equity it carries control of the company containing 68% of the voting rights.
The paper also reports that 12 of Sarasin's executive team, including the CEO, have written to the Supervisory board urging it to reject the offer. The executive team would prefer the Swiss Bank Raiffeisen to acquire the stake as there would likely be fewer redundancies and semi-independence.
Rabobank may have some sympathy as, like Raiffeisen, it has co-operative movement roots. To what extent this will counter the highest bid is less clear as Rabobank board have a fiduciary duty to its owners and can instruct its members on the Sarasin board how to vote.