The following companies’ shares may have unusual moves in Swiss trading. Stock symbols are in parentheses after company names. Share prices are from the last close.
The Swiss Market Index (SMI) slipped 0.5 percent to 5,614.61. The Swiss Performance Index fell 0.6 percent to 5,091.26.
Julius Baer Group Ltd. (BAER) : The 121-year-old private bank’s Chief Executive Officer Boris Collardi said Bank Sarasin & Cie. AG, a Basel, Switzerland-based money manager, meets his acquisition criteria and a takeover would produce “synergies,” Le Temps reported. Baer’s stock lost 0.5 percent to 31.68 Swiss francs.
Novartis AG (NOVN) : Switzerland’s biggest drugmaker sees a further decline in economic conditions that will require decisions on cost reductions, Le Temps said, citing an interview with Chief Executive Officer Joe Jimenez. The shares declined 0.5 percent to 50.15 francs.
Transocean Ltd. (RIGN) : The world’s largest provider of offshore oil rigs can’t sue the U.S. government for partial fault in the 2010 blowout of BP Plc’s Macondo Well in the Gulf of Mexico and subsequent oil spill, a judge said. The stock slid 1.3 percent to 44.45 francs.
UBS AG (UBSN) : Switzerland’s biggest bank expects outflows of as much as 30 billion francs ($32.7 billion) from its wealth business in a “worst case scenario,” NZZ am Sonntag reported, citing an interview with Chief Executive Officer Sergio Ermotti.
UBS doesn’t rule out further cost reductions if markets worsen, SonntagsZeitung reported separately, citing an interview with Chairman Kaspar Villiger. The stock added 0.5 percent to 10.54 francs.
Zurich Financial Services AG (ZURN) : The path is open for Deutsche Bank AG Chief Executive Officer Josef Ackermann to become chairman of Switzerland’s largest insurer, Finanz und Wirtschaft reported, citing unidentified people in the Swiss insurance industry. Shares of Zurich Financial dropped 0.4 percent to 199.20 francs.
To contact the reporter on this story: Giles Broom in Geneva at firstname.lastname@example.org
To contact the editor responsible for this story: Frank Connelly at email@example.com