Swiss private bank EFG International plans to cut up to 450 jobs over the next three years as part of its takeover of BSI Bank.
The acquisition of Ticino-based bank from Brazil’s Grupo BTG Pactual SA has made EFG one of Switzerland’s biggest private banks, behind the likes of UBS, Credit Suisse, Julius Baer and Pictet. EFG announced its intention to acquire BSI in February and is currently integrating its assets, personnel and systems.
The European Union has given Microsoft the green light over its $26 billion acquisition of LinkedIn, CNBC reports. As expected, the EU has put some conditions in the deal. As expected, the EU has put some conditions in the deal.
The European Commission granted its approval on the condition that Microsoft allows rival professional networking sites to integrate its Office applications and cloud-computing services for the next five years. PC makers in the EU will also have the option of not installing LinkedIn’s app, Microsoft said.
EFG International has completed the integration of BSI in Singapore, included client relationships and employees, as it referred in a statement today. EFG International announced its intention to acquire Swiss-based BSI before the scandal surrounding 1MDB caught the public’s eye.
Samsung Electronics announced an $8 billion deal on Monday to buy Harman International Industries, in an all-cash deal that makes Samsung a major player in the world of automotive technology.
The electronics giant previously shunned big acquisitions, and the latest deal underscores a strategic shift as the company tries to break into the high-barrier automotive industry where it has little track record.
As part of the deal, which is subject to approval by Harman shareholders, Harman will remain an independent subsidiary of the technology giant. Samsung will pay $112 a share in cash for Harman, which generated roughly $700 million in net profit on $7 billion of revenue last year.
SFS-Group is acquiring Tegra Medical, a U.S. company based in Franklin, Massachusetts. The St.Gallen-based company, specialist in fastening and assembly systems and the US company agreed not to disclose any details of acquisition price.
The American company produces implants and instruments for orthopedics and non-invasive surgery. It generates annual revenues of $ 80 million and employs 700 people, with production units in the United States and Costa Rica.
The private bank group J. Safra Sarasin Group announced that it has acquired Credit Suisse Gibraltar Limited. The transaction strengthens the institution’s presence on the Rock where the Group operates since 2001 and is determined to expand its position.
The bank will operate under the new name of Bank JSS (Gibraltar) Ltd. and will continue to provide wealth management solutions to customers both private and institutional.
BSI was acquired by EFG International: the agreement was closed for 1.06 billion francs as announced by the Zurich-based institute, 270 million less than expected and announced in February. The total price is made up of 575 million francs in cash, 86.2 million EFG shares valued at 454 million francs and 31 million francs of AT1 instruments issued by EFG International, as the company reported in a statement.
Chinese chemical giant ChemChina has extended the deadline of its offer to purchase the agrochemical group Syngenta Basel, until January 5. The previous deadline was to expire next Tuesday.
It is the fourth time that the Chinese group extends its tender offer (Opa): the giant state had already been extended to May its initial offer until July 18 and then to July until 13 September and until September 8th of November.
