EFG International Shares Jump on Julius Baer Deal Speculation [BNN Bloomberg (Canada)]
JULIUS BAER GRP UNSP/ADR (JBAXY)
NASDAQ:AMEX Investor Relations:
juliusbaer.com/group/en/investors
Company Research
Source: BNN Bloomberg
The private bank's share rose as much as 10% and were halted earlier on Thursday due to excessive volatility, after website Inside Paradeplatz reported rumors that an announcement could come on Friday after the market closes. Julius Baer shares fell as much as 5% after the report. Representatives for EFG and Julius Baer declined to comment when contacted by Bloomberg News. Bloomberg reported in late May that Zurich-based Julius Baer held preliminary discussions with EFG in recent weeks about the possibility of a combination, according to people familiar with the matter. Talks have been on and off, and there's no certainty they will result in a transaction, the people said. Since the Bloomberg report on May 24, EFG shares are 11% higher, while Julius Baer is 7% lower. Any deal between the two banks would create a wealth manager with more than 500 billion Swiss francs ($561 billion) in assets under management. It would continue the transformation of the Swiss financial industry
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