Edmond would be proud.
And what's up with Julius Baer's reluctance to up the ante?
Safra Group, founded in the Syrian city of Aleppo in the 19th century, agreed to buy Rabobank Groep’s controlling stake in Bank Sarasin & Cie. (BSAN) AG for more than 1 billion Swiss francs ($1.1 billion) to expand private banking in Europe, the Middle East and Asia.From SwissInfo:
Safra will pay 36 francs a piece for B shares, about 5 percent more than the price of Sarasin’s stock at the market close. Together with the purchase of A shares, that will give Safra 68.6 percent of the voting rights and a 46 percent equity interest, the companies said today in a statement. The transaction is valued at more than 1 billion francs, said Fransce Verdeuzeldonk, a Rabobank spokeswoman.
The deal provides “Sarasin with additional distribution channels for its products as well as access to new growth markets,” it said in the statement. “Sarasin has significant private banking presences in key European markets, the Middle East and Asia."...MORE
Safra buys Sarasin majority stake
Here's the joint press release via Sarasin, note the traditional Swiss modesty:
Swiss Banking: Baer May Buy Rabobank's Sarasin Stake