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Bär & Karrer Ltd.

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Geneva, Lugano, Zug, Zurich

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23 January 2009

January 2009

The Tivona shareholders and Jelmoli settle their year-long litigation about the transfer of a 55.5% stake in Tivona to Jelmoli. Bär & Karrer represented in the litigation and the settlement negotiations the Tivona shareholders who had exercised in 2003 a contractual put option against Jelmoli to transfer their stake.

Litigation started when Jelmoli refused to honour its commitment under this option. In an interim award, the arbitral tribunal the parties called upon, ruled that the put option was validly exercised. The parties now agreed on a transfer of the Tivona stake to Jelmoli for a consideration of CHF 60'000'000 and 80'000 Jelmoli bearer shares which at today's prices is equivalent to about CHF 250'000'000.The Bär and Karrer team comprised at times 6 lawyers and was headed by Rolf Watter and senior associate Charlotte Wieser. Senior associate Salvatore Iacangelo covered important corporate law and economic aspects.

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