Secretive US billionaire commodities trader Marc Rich, has blocked the proposed merger between Swiss property companies Feldschloesschen-Huerlimann Holdings and Swiss Prime Site, and has taken control of Felschloesschen. The two Swiss companies announced plans for the merger in February for what would have formed a SFr1.8bn group.
Swiss Prime Site is one of Switzerland’s largest property companies. The company was set up in May 1999 from the pension fund of Credit Suisse and investments funds from Winterthur Life and Siemans Switzerland. The takeover occurred at a general meeting held for Feldschlosschen shareholders, where allegations were made that the merger was not equal and that it would have favoured Swiss Prime Site’s main shareholder Credit Suisse, undervaluing the property assets of Feldschloesschen.
Rich was controversially pardoned during the last few days of Bill Clinton’s presidency.
