Sulzer pockets Sfr15m profit on sanctions relief trade

Sulzer, the Swiss maker of industrial machinery, has made a Sfr15m ($15.5m) profit on a block of shares it acquired in April from its former majority owner, Renova Group, to escape economic sanctions imposed on Russian companies and individuals by the US Treasury’s OFAC.

  • By Aidan Gregory
  • 19 Sep 2018

The trade, which consisted of 5m shares, a 12.7% stake in Sulzer, was led by Credit Suisse and UBS as bookrunners. They launched it after the market close in Switzerland on Tuesday, without a price range, and did not conduct any wallcrossing beforehand.

Shares in Sulzer closed at Sfr121.70 on ...

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