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UPDATE 1-Switzerland's Jacobs Holding sells remaining Adecco stake
September 4, 2014 / 10:42 AM / 3 years ago

UPDATE 1-Switzerland's Jacobs Holding sells remaining Adecco stake

* Jacobs family holding sells remaining Adecco shares

* Sells 1.9 percent stake for about 231.8 mln Swiss francs

* Signaled exit plans with March stake sale (Recasts with comment from Jacobs Holding, adds Adecco comment)

ZURICH, Sept 4 (Reuters) - The investment firm for Switzerland’s wealthy Jacobs family said on Thursday it had sold its remaining stake in Adecco, sending shares in the world’s largest employment agency lower.

Jacobs Holding, which manages the money of Adecco co-founder Klaus Jacobs and members of the family, said Swiss bank Credit Suisse had placed the 3.36 million shares, or 1.9 percent of Zurich-based Adecco.

Thomson Reuters trading data showed the shares were sold for 69 Swiss francs each, for a total of about 231.8 million Swiss francs ($252.6 million). A source familiar with the matter said the shares had been offered at a range of 68.9-69.5 francs.

At 1017 GMT, shares in Adecco were down 1.3 percent at 69.20 francs, their biggest daily drop since Aug. 7.

The Jacobs group, made up of Jacobs Holding and members of the family, sold about 16 percent of Adecco in March to diversify their investments.

“As already signalled with the sale of the majority of the Adecco stake in March, Jacobs Holding has now sold all shares in its possession,” Jacobs Holding Chairman Andreas Jacobs said in a statement on Thursday.

Individual members of the Jacobs family could still have shares in Adecco outside the family holding. Under Swiss securities law, stakes below a 3 percent threshold do not have to be disclosed.

Jacobs Holding Chief Financial Officer and Chief Operating Officer Daniel Pfister told Reuters the transaction only concerned Jacobs Holding and that they could not comment on other Adecco shareholders.

Adecco said it does not comment on shareholder transactions.

The Jacobs family controls Barry Callebaut, which Klaus Jacobs also founded. Zurich-based Barry is the world’s biggest cocoa manufacturer and produces chocolate for Nestle and Mondelez, among others.

1 US dollar = 0.9177 Swiss franc Reporting by Joshua Franklin and Rupert Pretterklieber; additional reporting by Freya Berry in London; editing by David Clarke

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