Insurance companies Helvetia's major shareholder Patria acquires Baloise shares from Cevian
The merger of insurers Helvetia and Baloise has taken a major step forward. The Swedish investor Cevian has sold its Baloise shares to Helvetia's major shareholder Helvetia.(archive picture)
Image: Keystone
The merger of insurers Helvetia and Baloise has taken a major step forward. The Swedish investor Cevian has sold its Baloise shares to Helvetia's major shareholder Helvetia.(archive image)
Image: Keystone
The merger of insurers Helvetia and Baloise has taken a major step forward. The Swedish investor Cevian has sold its Baloise shares to Helvetia's major shareholder Helvetia.(archive picture)
Image: Keystone
The merger of insurers Helvetia and Baloise has taken a major step forward. The Swedish investor Cevian has sold its Baloise shares to Helvetia's major shareholder Helvetia.(archive image)
Image: Keystone
The merger of the two insurers Baloise and Helvetia announced at the beginning of the week is one step closer. The activist Baloise shareholder Cevian Capital has sold its stake of more than 9 percent to Helvetia's major shareholder Patria Genossenschaft.
25.04.2025, 07:56
SDA
Patria informed Helvetia that it had acquired almost 4.3 million shares in Baloise Holding, corresponding to 9.351 percent of the capital and voting rights, from Cevian Capital on (today's) April 25, 2025, according to a press release issued on Friday. The parties have agreed not to disclose the purchase price.
According to the press release, the purchase is not subject to any conditions. Patria, which holds a good 34 percent of Helvetia, will therefore be able to vote on the merger with Helvetia using these shares at the extraordinary general meeting of Baloise to be held on May 23.
As a result of the sale of the Cevian stake, Cevian will also relinquish a candidate on the Board of Directors of Baloise, the statement continues. The Cevian candidate Robert Schuchna will therefore not stand for election at today's ordinary Baloise AGM.
At the same time, Baloise has informed Helvetia that it will not nominate a seventh member of the Board of Directors in connection with the merger. As a result, the Board of Directors of the merged company Helvetia Baloise Holding AG will comprise a total of 13 members following the merger, instead of 14 as originally planned.
The sale of Cevian's Baloise stake to Patria is important in that there was speculation in the market that Cevian might oppose the merger. Cevian took a major stake in Baloise last year and had called for the exit from the German business, among other things.
