Zurich, 6 April 2004 – Baker & McKenzie announced today that it acted as legal and tax advisor to PSP Swiss Property AG (PSP) on its merger with REG Real Estate Group (REG).
The two real estate companies, PSP and REG, both listed on the SWX Swiss Exchange, entered merger negotiations at the end of November 2003. Negotiations were concluded successfully with the signing of the merger agreement on 2 April 2004. The Board of Directors’ proposal to shareholders of PSP and REG is an exchange ratio of 2.19 REG shares for 1 PSP share (before stock split of PSP shares at a ratio of 1:4). The shareholders of both companies will vote on the merger during the Annual General Meetings to be held on 10 May 2004.
With a real estate portfolio of approximately CHF 3.9 billion and market capitalisation of approximately CHF 2.0 billion post-merger, the “new” PSP will be by far the largest of the listed Swiss real estate companies and among the top ten continental European real estate companies.
The Baker & McKenzie team advising on the deal was led by Zurich partner Martin Furrer, and included, among others, from the Zurich office Monika Dietrich, Alexander Wyss, Martin Epper, Philippe Reich, Theodor Haertsch and Roland Burkhalter and from the Geneva office Denis Berdoz and Robert Danon.