Change of control and defensensive measures
Obligation to submit an offer
The legal provisions in terms of Art. 22 BEHG (Bundesgesetz über die Börsen und den Effektenhandel – Swiss Exchanges and Securities Trading Act) are applicable. This states that a shareholder or a group of shareholders acting in concert who hold more than 33 1⁄3 percent of all shares must submit a takeover offer to the other shareholders.
Change of control clauses
There are no change of control clauses in contracts of employment and office. In the event of a change of control all outstanding options can be exercised immediately and all shares blocked in the context of the share purchase plan are released. 
Corporate Governance Report 2008 (English/PDF/540 KB)