Pestalozzi advises Nürnberger Lebensversicherung AG in the sale of its shareholding in Pax Anlage AG to Baloise
Baloise (SIX: BALN) acquired a majority stake in publicly listed real-estate company Pax Anlage AG (SIX: PAXN). By entering into agreements with major shareholders including Nürnberger Lebensversicherung AG, Baloise Life Ltd acquired around 70 per cent of the share capital and voting rights. On 6 January 2017, 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 aggregate transaction value amounts to approx. CHF 288m. The transaction is subject to regulatory approvals. Pestalozzi acted as legal counsel to Nürnberger Lebensversicherung AG in this transaction.