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Investing.com - Kepler Cheuvreux initiated coverage on Baloise Holding AG (SIX:BALN) (OTC:BLHEF) with a Buy rating and a price target of CHF236.00, according to a research note released Monday.
The research firm views the upcoming merger as transformational for the Swiss insurer, highlighting the combination of scale, diversification, and cost efficiency that will result from the transaction.
The merger will create Switzerland’s second-largest insurer, with approximately CHF20 billion in premiums and a 19% domestic market share, according to Kepler Cheuvreux’s analysis.
Baloise is targeting cost synergies of CHF350 million (approximately CHF220 million net), representing about 13% of the combined cost base, with overlap primarily in Switzerland and Germany covering around 50% of the workforce.
While integration costs are expected to impact earnings in 2026-27, the synergies should drive 15% EPS accretion and a 20% dividend increase by 2029, according to the research firm’s projections.
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