Zurich Financial Services obtained the remaining 30 percent interest it didn’t already own in INZIC, an investment partnership set up to hold an approximately 30 percent stake in Swiss multi-line insurer Baloise.
Zurich first obtained the stake a year ago, and this additional investment of some $222 million raises speculation that it will eventually seek to acquire Baloise outright.
According to a report from Reuters, however, Zurich has consistently maintained that the investment is “purely financial,” and not a prelude to a takeover. The report cited potential job losses and restructuring costs as the main reasons for Zurich’s reluctance to seek a full merger.
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