Basler KB: Raid on Cler small shareholders

Miserable offer for full takeover of the former Coop Bank – inheritance of the new captain Raiffeisen – helps PwC.

Hot scenes are currently taking place at the Rheinknie. The head of the Basel cantonal bank Guy Lachappelle makes distance from the dust within a few days – he even leaves the bonus.

Lachappelle leaves the ship at the most important moment. His BKB tries to rob his daughter Cler, formerly Bank Coop, for a bargain price.

This morning, BKB published the interim result of the buy-back campaign. More than a third of the minority shareholders in Cler disagree and are not willing to sell their titles.

Why this resistance? Quite simply: the gentlemen of BKB have made a miserable offer to the small shareholders of Cler. They want the national administrator to fully control the dump price.

Then they could convert them into a pure front-end machine and manage the back office centrally – ideally in combination with the Basellandschaftliche Kantonalbank.

The synergies would then only have the BKB for themselves, the Cler-little ones went empty.

The dubious lights blink brightly in a public document. It is titled "Fairness Opinion, Bank Cler AG" and dates from July 31 this year.

On 28 pages, the PwC, a well-known accountant and advisor, tries to make Bank Cler bad: too expensive, too inefficient, too slow. In short: a non-universal.

Why does the PwC do this? Who benefits from the raven black photo? Very simple: the Basler KB. If her plan works out, she gets the whole value for 52 francs a share. Bingo.

It is an example of high school to draw small shareholders over the table.

On page 14 of the "Fairness Opinion on the Public Tender Offer of the Basler Kantonal Bank", as the document states in its entirety, PwC reports for 2018 to 2021 for the Cler Bank in interest companies of only 0.6 percent.

This corresponds to a tenth (!) Of the annual profit growth of Cler Bank in the period from 2015 to 2017.

Interest: small enough for the robbery of the small shareholders, is the first finding. According to an expert, interest rate growth should be at least 3 percent per year for the future.

Later in the text: The PwC describes on page 15 of their "Fairness Opinion" – that is to say, whether the offer of the Basel gentlemen of the Rheinknie, who propagate the slogan "Fair Banking", is really fair – the dependency relationship of the Cler of the parent company BKB.

There is a service level agreement between daughter Cler and mother BKB, there is. In other words: Cler Bank is obliged to purchase services from BKB at a negotiated price.

How does it affect? Very bad for the cler. The last page of the PwC report contains a graph that shows the cost-income ratio of comparable banks.

Lonely last light: the Cler. Why probably? Presumably, because the daughter is licked by the mother every day via a Service Level Agreement.

Brisant is that the PwC notes that at the start of 2018 the various service level agreements between the parent bank BKB and the daughter Cler were included in a project under a microscope.

The resulting report shows that everything is legal and correct. But who made this report? Who testifies that this was reasonably calculated, so that it is not a classic party advice for the BKB and their bosses?

Things really get bogged down with the BKB takeover bid for the Cler on page 20. It's all about the possible prices for the small shareholders, that is to say how much BKB would have to offer for one share.

The emphasis here is on book value, which means what a Cler share has in fair value, if the stock market is not taken as a benchmark, but rather as the balance with its assets and liabilities.

In this analysis, the PwC comes to a price range of 57 to 82 francs per Cler share. At least 57 francs would thus have to reach the management of BKB with their administrator.

But what do the BKB bosses offer the Cler children? 52 francs. They do not even want to pay the book value. How can that be? Well, PwC & # 39; s with a little help from my friends makes it easy. No, the same PwC, which had made the revision of the books during the whole Raiffeisen scandal all these years.

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