UBS successfully sells its 20.7% stake in Julius Baer
UBS AG announced today that it has successfully placed a 15.23% stake in Julius Baer Holding AG, representing a total of 33,991,870 Julius Baer shares, at CHF 84 per share. The shares were offered to institutional investors in an accelerated bookbuilding transaction launched yesterday and met strong demand from high quality institutional investors in Europe and the US.
Yesterday, UBS agreed to sell a 5.47% stake in Julius Baer, representing 12,222,222 shares, to Julius Baer at a price of CHF 90 per share.
The pre-tax capital gain on the sale will be approximately CHF 2.0 billion. Gains from the sale will be used to buy back shares in the coming months as part of the 2007/2010 share repurchase program announced on 8 March 2007.