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Shares in Swiss bank EFG jump on renewed takeover speculation

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Shares in Swiss bank EFG International (EFGN.S), opens new tab rose by as much as 10% on Thursday fuelled by a media report that the bank could soon be subject to a takeover bid by Swiss rival Julius Baer.
Swiss financial news website Inside Paradeplatz said there was market talk Julius Baer was lining up a bid for EFG in shares and cash worth 4.5 billion Swiss francs ($5.05 billion), although it described the information as “speculation”.
Reuters reported in late May that Julius Baer had held talks with EFG about a potential takeover in recent months but that the discussions had stopped.
Spokespeople for Julius Baer and EFG declined to comment.
Shares in EFG rose by as much as 10.3% before paring gains to trade up by 7.8% at 1028 GMT. By contrast, shares in Julius Baer (BAER.S), opens new tab were down by more than 5%.
($1 = 0.8908 Swiss francs)

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