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Investing.com -- Baloise’s shares tumbled 5.2% as the company’s largest investor, Cevian Capital, offloaded its 9.4% stake to Patria Genossenschaft, the principal shareholder of Helvetia.
This move comes on the heels of the recent announcement that Baloise will merge with Helvetia to form a new entity with a market value of approximately 18 billion Swiss francs.
The transaction, revealed on Friday, did not disclose the financial terms but marks a significant shift in Baloise’s shareholder structure.
Cevian Capital, a Swedish activist investor, became Baloise’s top shareholder last September by increasing its stake from 3.1% and had been pushing for changes within the group.
While Baloise’s stock experienced a decline during mid-morning trading, Helvetia’s shares remained steady. This merger, which was agreed upon earlier in the week, aims to establish
Helvetia Baloise Holding as a major industry player, poised to become Switzerland’s second-largest insurer with a 20% market share, trailing only behind Zurich Insurance Group (OTC:ZFSVF).
The new company will be listed on the SIX Swiss Exchange and is expected to leverage the combined strengths of both Baloise and Helvetia to enhance its market position.
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