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euro adhoc: Bank Sarasin + Cie AG / Mergers - Acquisitions - Takeovers / Rabobank has Exercised its Option to Boost Sarasin's Growth Strategy

Geschrieben am 09-01-2007


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Disclosure announcement transmitted by euro adhoc. The issuer is responsible
for the content of this announcement.
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09.01.2007

Basel/Utrecht, 9 January 2007

Rabobank - the Dutch AAA financial services provider - has exercised
its option through which it will acquire all outstanding Sarasin
class A shares held by Eichbaum Holding Ltd. Rabobank thus
becomes the majority shareholder of Sarasin with a 46 % stake in
its equity capital and 69 % of its voting rights. Sarasin's
Board of Directors and Management welcome Rabobank's enhanced
commitment as a shareholder and its support for Sarasin's growth
strategy. Sarasin will retain its operational independence as one of
the leading Swiss private banks and remain listed on the SWX Swiss
Exchange.

Bank Sarasin & Co. Ltd today announced that Rabobank has exercised,
on December 29, 2006, its option to acquire all outstanding
Sarasin class A registered shares held by Eichbaum Holding Ltd.
The participation to be acquired with the call option corresponds
to an 18.01 % stake in Sarasin's equity capital and 52.32 % of
its voting rights.

Together with its existing participation of class B shares, Rabobank
will now hold 46.06 % of Sarasin's equity capital and 68.63 % of
its voting rights. Sarasin will retain its operational independence
as a Swiss bank and remain listed on the SWX Swiss Exchange.
Rabobank has no intention of increasing its stake in Sarasin
beyond the level of the exercised call option.

Bert Heemskerk, CEO of Rabobank Group, says: "We have chosen to
increase our participation at this point in time because we are
convinced of Sarasin's growth potential. We want to support
Sarasin's growth strategy which has gained momentum under its new
management by showing our commitment and confidence. At the same
time, together we will further develop selected areas of
cooperation, especially in international markets."

Mr Heemskerk adds: "We firmly believe that Sarasin will benefit
from Rabobank as a supportive shareholder in the ongoing
consolidation process in the Swiss private banking industry.
Sarasin will retain its operational independence and its brand, in
line with Rabobank's multi-brand strategy that has proven
successful over many years."

Georg F. Krayer, Chairman of the Board of Directors of Sarasin,
says: "We welcome Rabobank's step - which removes the ownership
uncertainty the Bank has seen in recent years - and its
confirmation of our strategy. With Rabobank's AAA sponsorship,
Sarasin is even better positioned to carry forward its
successful development. At the same time, Sarasin will maintain
its private banking character and personal touch, developed since
1841, and remain listed on the SWX Swiss Exchange with its
existing Board of Directors structure and Management."

Joachim H. Straehle, Chief Executive Officer of Sarasin, says: "From
our strong Swiss home base, we will continue to implement our
strategy of gaining market share in neighbouring Europe, UK,
Middle East and Asia, as well as in other high-potential
markets. We aim to increase clients' assets under management to
well above CHF 100 billion by 2010 and our gross margin to more than
90 basis points, and to gradually reduce our cost / income ratio
to 60 %. We are convinced that stronger cooperation with Rabobank
will help us to reach these ambitious targets. Besides organic
growth, we are also looking for selected acquisitions and
opportunities for cooperation. In both areas, we will benefit from
Rabobank's sound reputation and its strong international network."

Exercise of the Call Option to Acquire Sarasin Class A Shares

In 2002, Sarasin and Rabobank entered into a strategic alliance to
join forces in private banking. Under this Agreement, Rabobank
acquired Sarasin class B shares corresponding to a 28.05 % stake
in the Swiss bank's equity capital, and to 16.31 % of its voting
rights, against a contribution in kind of Rabobank's international
private banking units, which were fully integrated into Sarasin at
the time.

In addition, the shareholders of Eichbaum Holding Ltd - the company
owned by Sarasin's former partners, holding all of Sarasin's
class A shares corresponding to 18.01 % equity capital and 52.32
% voting rights - granted Rabobank a call option to acquire,
until mid-2009, all of its shares.

The formula to set the exercise price per Sarasin class A share was
determined and disclosed in connection with the Agreement in
2002 and includes an adjustment at the beginning of every year.
The exercise price amounts to CHF 809 per class A share with a
nominal value of CHF 20.

Mandatory Tender Offer for Sarasin Class B Shares

Upon exercising the call option, Rabobank, according to Swiss
takeover regulations, is formally obliged to submit a Tender Offer
at a minimum price for all outstanding Sarasin class B shares
which are not in its possession.

The setting of the minimum offer price per Sarasin class B share is
based on the formula for calculating the exercise price. The offer
price amounts to CHF 3,687.50 per class B share with a nominal
value of CHF 100. The Tender Offer will be published in early
February 2007. The goal is to keep most of the Sarasin class B
shares in the market.

Exercising the call option and the Tender Offer are subject to
the usual conditions including approval by the respective
authorities.

For more information please contact:

Bank Sarasin & Co. Ltd
Benedikt Gratzl, Corporate Communications, Media Relations
Telephone +41 (0)61 277 70 88 e-mail: benedikt.gratzl@sarasin.ch

Rabobank Group
Jan-Willem ter Avest, Press office
Telephone +31 (0)30 216 17 40 e-mail: J.W.Avest@rn.rabobank.nl

Bank Sarasin & Co. Ltd - Responsibly yours - www.sarasin.com

Founded in 1841, Bank Sarasin is today one of Switzerland's
leading private banking institutions. Its sustainable
success is based on trust, confidentiality, expertise and
dedication. Bank Sarasin's core activities include investment
advisory and asset management services for private and
institutional clients, as well as an investment funds
business. Its complementary services extend to corporate finance,
brokerage and financial analysis. The Sarasin Group - headquartered
in Basel, Switzerland - employs over 1100 staff. In addition to
its headquarters in Basel, the Bank has offices in Zurich, Geneva
and Lugano in Switzerland. Internationally, the Sarasin Group has
offices in Dubai, Guernsey, Hong Kong, London, Luxembourg, Munich,
Paris and Singapore. Bank Sarasin is a limited company. Its shares
are listed on the Swiss Stock Exchange, SWX. Its strategic partner
Rabobank is the only bank in the world without a state guarantee
that enjoys a triple-A rating.

Rabobank - www.rabobank.com

Rabobank Group is a full-range financial services provider
founded on cooperative principles. The Group is comprised of
208 independent local Rabobanks in the Netherlands, the central
organisation Rabobank Nederland and a large number of specialised
subsidiaries. The Group's core objective is to generate the
highest possible customer value. To this end, the organisation
offers its clients all the financial products and services they
may want. Rabobank Group provides services to more than half of the
Dutch population (16 million) and Dutch companies. In the
Netherlands, Rabobank has dominant market positions in almost all
financial services areas: home mortgages, savings, small and
medium-sized businesses, and the food & agri sector. It has
also significantly strengthened its position in the large
corporate market. Throughout the world, Rabobank Group, through
Rabobank International, focuses primary on financing the
international food & agri business, a niche market in which it has
a leading position. Rabobank Group has been awarded the highest
credit rating (Triple A), and has 289 offices in 38 countries
outside the Netherlands.


end of announcement euro adhoc 09.01.2007 07:20:00
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ots Originaltext: Bank Sarasin & Cie AG
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:
Dr. Benedikt Gratzl
Head Corporate Communications
T.: +41(61) 277 70 88
Benedikt.Gratzl@sarasin.ch

Branche: Banking
ISIN: CH0002267737
WKN: 872869
Index: SPI
Börsen: SWX Swiss Exchange / regulated dealing


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