Shares in Swiss bank EFG jump on renewed takeover speculation

EFG International AG

06/06/2024 11:33

ZURICH, June 6 (Reuters) - Shares in Swiss bank EFG
International  EFGN.S  rose by as much as 10% on Thursday
fuelled by a media report that the bank could soon be subject to
a takeover bid by Swiss rival Julius Baer.
    Swiss financial news website Inside Paradeplatz said there
was market talk Julius Baer was lining up a bid for EFG in
shares and cash worth 4.5 billion Swiss francs ($5.05 billion),
although it described the information as "speculation".
    Reuters reported in late May that Julius Baer had held talks
with EFG about a potential takeover in recent months but that
the discussions had stopped.
    Spokespeople for Julius Baer and EFG declined to comment.
    Shares in EFG rose by as much as 10.3% before paring gains
to trade up by 7.8% at 1028 GMT.
    ($1 = 0.8908 Swiss francs)

 (Reporting by Oliver Hirt; editing by Jason Neely)
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