March 7 (Bloomberg) -- Kuoni Reisen Holding AG said it agreed to purchase Gullivers Travel Associate for $720 million from Travelport to expand its online services.
The purchase “will transform us into one of the leading global providers of online destination management services,” Kuoni Chief Executive Officer Peter Rothwell said in the statement. Gullivers “is one of the world’s leaders in the fast-growing online travel services market and operates in 26 cities with almost 12 million hotel nights booked in 2010.”
WHAT TO WATCH: *ECB’s Jean-Claude Trichet speaks in Basel at the Bank for International Settlements *Swiss parliament holds three-week session *Kuoni to hold media telephone conference at 10 a.m.
EQUITIES: *Kuoni acquires Gullivers Travel Associates for $720 million *Julius Baer plans to fully charge proposed distribution of registered shares to a new balance sheet item *Nestle has strong enough brands to compete in the U.S. single-serve coffee market without making acquisitions, Chief Executive Officer Paul Bulcke said. *Straumann’s bone level implant gains Japan regulatory approval *Kaba first-half net income rises 3.9% to 44.9 million francs *Xstrata raised to “neutral” at HSBC *VTB seeks Credit Suisse stake in Bank of Moscow, Vedomosti says *Credit Suisse ‘mole’ spied for Germany, Tages-Anzeiger says *Glencore hires Chase as chairman to prepare for IPO, Times says *UBS CEO Gruebel holds options worth SF31 million, Sonntag says *EFG International cut to ‘hold’ at Bank Vontobel
ECONOMY/POLITICS: *Swiss Party to seek ‘supervision’ of SNB, SonntagsZeitung says *SNB ‘somewhat’ slowed Franc’s gains, Schneider-Ammann tells F&W *Former Wegelin banker held by FBI admitted to aiding tax evasion, bank says *Swiss add ban on money transfers to Qaddafi, associates *Tamoil Switzerland says Libya sanctions don’t apply
MARKETS: *The SMI fell 1 percent to close at 6530.54 *The SPI lost 0.8 percent to close 5916.78 *The Stoxx Europe 600 Index declined 0.6 percent to 281.90 *MSCI Asia-Pacific Index fell 1.1 percent at 7:21 a.m. in Zurich *Euro -- Franc at 1.2923 at 7:22 a.m. Zurich time
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