A Dutch arbitration court on Friday ordered American luxury jewelry retailer Tiffany & Co. to pay Swiss watchmaker Swatch Group $449 million in damages over their failed 20-year joint venture.
Tags: Switzerland
Facebook's annual hackathon kicks off in California today
Menlo Park, US-based social media giant Facebook will be kicking off its yearly Hacker Cup competition at the company's head office today with 25 participants from North America, Asia, and Europe.
Germans switch to Swiss messaging startup Threema for absolute privacy
Within just 24 hours, Zurich, Switzerland-based encrypted messaging startup Threema soared to the top of Germany's paid App Store chart due to a 200,000 subscriber addition, 80% of which are in Germany.
Swiss firm Sulzer inks deal to purchase majority of Saudi Pump Factory
Winterthur, Switzerland-based industrial engineering and manufacturing firm Sulzer Ltd inked a deal to purchase a 75% interest in Saudi Pump Factory together with the latter's owner Nabil Al Hashim, in a deal valued at CHF33 million.
Spiegel picks up stake in Berlin brain-training startup NeuroNation
Hamburg, Germany-based publishing group Spiegel.net has partnered with accelerator XLHealth to acquire a 25% stake in Berlin-based brain-training startup NeuroNation for an unconfirmed seven-figure sum.
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Austria's OMV will divest its 45% stake in German oil refinery Bayernoil to Varo Energy for an undisclosed amount. Varo Energy is a partnership between Swiss oil trading firm Vitol and American private equity firm Carlyle Group.
Gottex Fund Management Holdings on Monday announced that it is purchasing Swiss hedge fund EIM Group for $35.4 million in stocks. EIM shareholders will own 30% of the merged group, while Gottex owners will own the remaining 70% stake in the company.
Switzerland's Dufry is reportedly purchasing the remaining 49% stake in Greek travel retailer Hellenic Duty Free for €328 million. Dufry bought a controlling stake in HDF for €200.5 million last year.
German frozen food products supplier Hofmann Menu Manufaktur has been sold to Switzerland-based private equity firm Partners Group AG. Financial terms of the deal, however, remains unknown.
Investment banks Macquarie Group and UBS AG managed to raise $521.2 million in Australian insurer Cover-More's listing. Shares offered are priced at $2 per share and will start trading before the year ends.
Switzerland-based food group Nestle SA is divesting its Givaudan SA shares worth USD1.27 billion to institutional investors, according to a statement on the company's website.
Switzerland's Credit Suisse is selling its private customers business to German Bethmann Bank. Under the deal, Bethmann will take over Credit Suisse's 9,000 clients with EUR10 billion assets in Germany.
Swiss banking group Credit Suisse has put up for sale its remaining limited partnership interests in leveraged buyout firm DLJ Merchant Banking Partners. British private equity firm Coller Capital will be acquiring the assets.
Stockholm-based private equity firm Cevian Capital on Monday announced its acquisition of 25 million A-shares in truck manufacturer Volvo. The purchase brought Cevian's ownership to 68.7 million A-shares and 29.8 million B-shares.
