by Swatch: the Hayek family buys over 14 million shares Keystone-SDA Listen to the article Listening the article Toggle language selector English (US)
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Swatch's founding family continue to buy shares in the watch group, acquiring registered shares worth CHF31 million francs this summer.
According to a management transaction published on the Swiss Stock Exchange website, 80,371 Swatch bearer shares changed hands for just over 14.3 million shares. Three persons subject to the reporting obligation carried out the transaction jointly, it says.
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In July, a spokesperson for the Bienne-based watchmaker confirmed that the purchases were made by President Nayla Hayek, CEO Nick Hayek and his nephew Marc Hayek. The family is well represented on the company’s boards. Swatch has not commented on the purchase.
The bearer shares were acquired at a price of CHF178.30 each. At the beginning of the year, the share was still worth CHF220, and hit a low of under CHF150 in September. Following the announcement of the purchase, the share price climbed 2.7% to CHF185.70.
At the end of 2023, the Hayek clan and affiliated companies, institutions and individuals controlled 43.3% of all Group voting rights, holding 62.5 million registered shares and 738,026 bearer shares.
Registered shares are worth five times less than bearer shares, which are traded on the Swiss Leader Index SLI, but offer their holders the same voting rights. As a result, the Hayek family has a greater say in the company’s decisions, even though its capital is relatively small.
Adapted from French by DeepL/ac
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