Federal Law On Stock Exchanges/Trading In Securities - 5. Public Take-Over

5: Public Take-Over Bids

Art. 22 Applicability

1 The provisions of Chapter 5 (Art. 22 - 23) as well as well of Art. 52 and 53 apply to all public take-over bids for shareholdings in Swiss companies whose equity stock is at least in part quoted on a stock exchange in Switzerland (target companies).

2 The companies may, prior to the quotation of their equity stock pursuant to par. 1, lay down in their by-laws that a purchaser is not obligated to a public take-over bid in accordance with Art. 32 and 52.

3 A company may at any time add to their by-laws a provision in accordance with par. 2, in so far as this does not adversely affect the shareholders within the meaning of Art. 706 of the Code of Obligations.