Safra Group has made an application for the cancellation of the remaining publicly held registered B shares of Bank Sarasin.
The application was put to the competent court of the canton of Basel-City on 22 October 2012.
This follows the settlement of Safra’s public offer for the B shares of Bank Sarasin on 19 October 2012, which saw Safra acquire shares representing 99.47% of the voting rights of Sarasin.
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An application for the de-listing of Sarasin’s B shares from the SIX Swiss Exchange will also be submitted.
This is expected to be enforced when the bank’s B shares are cancelled.Safra sealed its acquisition of Rabobank’s majority stake in Sarasin in July, followed by an offer for the bank’s B shares at CHF27.00 ($27.66) per share.
The Brazilian banking group held 50.15% of Sarasin’s share capital, and had 71.01% of its voting rights following the completion of the sale on 31 July 2012.
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