News

Shareholder coup at swiss group Intershop

News

Rachel Frampton

07 December 1999

The company is considering diversifying away from its traditional investment activity.

Winterthur and Martin Ebner have taken control of the Zurich-based property company and are considering new avenues.

Ebner, the high-profile Swiss financier, has teamed up with Winterthur insurance group to take control of property company Intershop. Between them, they own 65% of the company’s voting rights.

Intershop, the largest quoted Swiss property company, owns 3m m2 of property worldwide. Operating income in the first six months of last year was SFr 73m and property assets stood at SFr 692m.

The eight-man board of Intershop was due to step down at the company’s annual general meeting on May 30. Only Jacques Müller, chairman of the board, will remain, joined by two other directors, one from Winterthur and one from SBC.

Winterthur, one of the original backers of Intershop, has always been the largest shareholder, owning around 25% of the equity. Ebner had built up his stake more recently. “We knew that Mr Ebner was buying shares,” said Müller. Between them, Winterthur and Ebner control around 50% of the equity. “We think there are other investors under the umbrella of Ebner,” he added.

Müller said the move had not been initiated because Intershop was failing to perform. “The company is in very good shape. That’s the reason why they want to control it.”

Intershop, which has principally been a retail investor and developer, is considering devoting more of its resources to taking bad property debt off the hands of Swiss banks. This change in strategy had not been decided, said Müller, and would for the most part concern property in Switzerland.

He stressed that Intershop intended to remain “very international”. There will be no change whatsoever in our overseas operations. We did consider whether we should be investing abroad and decided that it was very necessary.

Among its current development projects are two shopping centres in Prague and a multiplex cinema development in a joint venture with the Theile Group near Mannheim, in Germany.

The company is considering diversifying away from its traditional investment activity. Winterthur and Martin Ebner have taken control of the Zurich-based property company and are considering new avenues. Ebner, the high-profile Swiss financier, has teamed up with Winterthur insurance group to take control of property company Intershop. Between them, they own 65% of the company’s voting rights. Intershop, the largest quoted Swiss property company, owns 3m m2 of property worldwide. Operating income in the first six months of last year was SFr 73m and property assets stood at SFr 692m. The eight-man board of Intershop was due to step down at the company’s annual general meeting on May 30. Only Jacques Müller, chairman of the board, will remain, joined by two other directors, one from Winterthur and one from SBC. Winterthur, one of the original backers of Intershop, has always been the largest shareholder, owning around 25% of the equity. Ebner had built up his stake more recently. “We knew that Mr Ebner was buying shares,” said Müller. Between them, Winterthur and Ebner control around 50% of the equity. “We think there are other investors under the umbrella of Ebner,” he added. Müller said the move had not been initiated because Intershop was failing to perform. “The company is in very good shape. That’s the reason why they want to control it.” Intershop, which has principally been a retail investor and developer, is considering devoting more of its resources to taking bad property debt off the hands of Swiss banks. This change in strategy had not been decided, said Müller, and would for the most part concern property in Switzerland. He stressed that Intershop intended to remain “very international”. There will be no change whatsoever in our overseas operations. We did consider whether we should be investing abroad and decided that it was very necessary. Among its current development projects are two shopping centres in Prague and a multiplex cinema development in a joint venture with the Theile Group near Mannheim, in Germany.