Participating interests


The acquisition of participating interests is characterised by the following parameters:

  • Stocks / shares
  • Subscription
  • Purchase and sale of participation

Other types of transactions such as donations, mergers, asset transfers etc. are of course feasible and customary.

Shares / shares in funds

  1. Shares (property shares)
  2. Shares in funds
  3. Partnerships (limited partnership or limited partnerships which are collective investment schemes)

Change to investment securities

The possibilities of making changes apply to:

  1. Change to the nominal value
  2. Change to the type of shares
  3. Redemption of shares
  4. Own shares

Changes to capital

Changes to capital focus on:

  1. Capital increase / subscription rights
  2. Capital decrease
  3. Conversion of borrowed capital into equity capital


In casu, the legal entity or its decision-maker(s) can initiate the participation at the pecuniary and membership level of new or existing investors as follows:

  • Subscription upon formation
  • Subscription for an increase in share capital
  • Subscription for the IPO

Purchase and Sale of Participations

Indirect property investment is invariably based on the acquisition of participating interests:

» Mergers & acquisitions in Switzerland: Share deal

This is subject to agreements with joint partners in a Shareholder Commitment Contract (SCC) such as temporary waiver of sale, obligations to offer shares on the basis of a first option right, pre-emptive right and purchase right or legal succession agreements; a breach of such agreements only results in liability for damages by the shareholder who acts in breach of the agreement(s).

It is also feasible for an investor to buy shares successively with the following intentions:

  • Merger
  • Asset transfer
  • Liquidation of the company
    • Own acquisition (conversion from indirect to direct property investment)
    • Sale to associates
    • Sale to third parties

Funds have the additional option of compulsory redemption.

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