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UBS and Credit Suisse Group intend to maintain Crossair as a public company
UBS and Credit Suisse Group today submitted an application to the Swiss Takeover Board requesting exemption from the obligation to make a public purchase offer to minority shareholders. The intention is for Crossair AG to remain a public company.
UBS and Credit Suisse Group currently hold 70.35% of Crossair AG's registered shares, with UBS owning approximately 35.9% of voting rights and Credit Suisse Group approximately 34.5%. According to the Swiss Stock Exchange Act, an investor owning more than a third (33.33%) of the voting rights is obliged to make a tender offer for all listed equity securities to all minority shareholders, as well as to all holders of dividend-right certificates, unless there is a good reason to grant exemption.
The banks are now asking the Takeover Board to determine whether granting exemption from the obligation to make an offer is legally permissible in this case. The Stock Exchange Act states that exemption is permissible, for example, when the shares were purchased for reorganization purposes with a view to securing the survival of the company in question.
UBS and Credit Suisse Group believe it would be appropriate for Crossair AG to continue operating as a public company, thus leaving the way open for the new Swiss national carrier to gain direct access to the capital market.
Zurich / Basel, 12 October 2001
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