Baloise is to acquire a majority stake in publicly listed real-estate company Pax Anlage AG (SIX: PAXN). By entering into agreements with majority shareholders Pax Holding (Genossenschaft), Pax, Schweizerische Lebensversicherungs-Gesellschaft AG and Nürnberger Lebensversicherung AG, Baloise Life Ltd will acquire around 70 per cent of the share capital and voting rights. Today, Baloise published the pre-announcement of a public takeover offer for the remaining approx. 30 per cent of shares in free float at a price of CHF 1,600 per share (subject to dilution effects).
The Pax Anlage AG real-estate company has a portfolio of properties with a diversified mix of uses and attractive returns. In the environment of negative interest rates, the takeover means that Baloise will boost its most profitable asset class in group life business and will invest insurance assets of up to CHF 288 million.
The transaction is in particular subject to governmental approvals.
The Baloise Group is more than just a traditional insurance company. The changing security, safety and service needs of society in the digital age lie at the heart of its business activities. The 7,200 or so employees of Baloise therefore focus on the wishes of their customers. The best possible customer service, combined with innovative products and services, makes Baloise the first choice for people who want to feel ‘simply safe’. Located at the heart of Europe, with its head office in Basel, the Baloise Group is a provider of prevention, pension, assistance and insurance solutions. Its core markets are Switzerland, Germany, Belgium and Luxembourg. In Switzerland, with Baloise Bank SoBa, the Group also operates as a specialised financial services provider, offering a combination of insurance and banking services. The Group offers innovative pension products to retail customers throughout Europe from its competence centre in Luxembourg. Bâloise Holding Ltd shares are listed in the main segment of the SIX Swiss Exchange.