EFG Financial Products climbed as much as 6.1 percent, the biggest gain since the company sold shares in an initial public offering in October. The stock was 5.3 percent higher at 51.9 francs as of 10:16 a.m. in Zurich trading, valuing the company at 346 million francs ($365 million).
Notenstein, which is owned by St. Gallen-based Raiffeisen Schweiz, agreed to buy the stake for 70.2 million francs, according to an e-mailed statement from EFG International today. EFG International, which created the investment products business in 2007, reduced its shareholding from 58 percent to about 25 percent at the time of the IPO.
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