Activist investor Cevian ups stake in Baloise to 9.4% [Yahoo! Finance Canada]
BALOISE HLDGS UNSP/ADR (BLHEY)
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Source: Yahoo! Finance Canada
ZURICH (Reuters) - Activist investor Cevian Capital has increased its stake in Baloise Holding, it said on Monday, increasing its ability to force changes at the Swiss insurer. Cevian now holds a position of around 9.4% in Baloise, becoming the biggest investor in the company. The investment is an increase from the 3.12% stake held by Cevian in Baloise revealed earlier this year. According to Swiss stock market disclosures, the stake was increased to 5.11% by June. "Baloise has the opportunity to become a top-performing Swiss insurer," said Robert Schuchna, a partner at Cevian. "We believe there is significant value potential in the company." Cevian, which has offices in Stockholm, London and near Zurich, previously invested in Swiss engineering group ABB and last year reported a position in UBS, saying it wanted to double the value of its stake. It has so far not revealed its plans for Baloise. The increased stake comes after Baloise shareholders voted in April to scrap
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