Bloomberg News

Swiss Stocks Are Little Changed; Temenos Falls as Roche Advances

February 09, 2012

Feb. 8 (Bloomberg) -- Stocks in Switzerland were little changed as Greece’s political leaders discussed an austerity plan needed to obtain European Union-led financial aid.

Temenos Group AG dropped 7.8 percent after the company said that Misys Plc shareholders will hold a majority stake in a merger of the two financial-software companies. Roche Holding AG advanced 0.8 percent as the world’s biggest maker of cancer drugs obtained a priority review from the U.S. Federal Drug Administration for its Pertuzumab treatment.

The Swiss Market Index, a measure of the biggest and most actively traded companies, lost less than 0.1 percent to 6,155.86 at the close in Zurich. The benchmark gauge has advanced 3.7 percent this year amid optimism that policy makers will contain the euro area’s sovereign-debt crisis. The broader Swiss Performance Index was also little changed today.

“Investors are betting Greece will conclude a deal,” said Jakup Petur Baerentsen, a chief equity adviser at Nordea Private Bank in Copenhagen. “Patience will last till the end of this week.”

Greek Prime Minister Lucas Papademos postponed a meeting yesterday with the heads of the three political parties that support his government.

Papademos instead met the troika -- the European Commission, the European Central Bank and the International Monetary Fund -- to haggle over the terms needed to secure further aid, a spokeswoman said.

Bailout Conditions

George Karatzaferis, leader of Greece’s Laos party which backs Papademos’s government, has received a draft document from the troika of the requirements the country must meet to secure additional aid, according to an unnamed spokeswoman from the party’s press office.

Temenos tumbled 7.8 percent to 17.75 francs after saying that Misys investors will own 53.9 percent of the company that will be created from the merger of the two businesses. Temenos’s Chief Executive Officer Guy Dubois will head the new entity.

Novartis AG, which makes up about 18 percent of the SMI, dropped 0.7 percent to 51.30 francs.

Roche rose 0.8 percent to 162.30 francs after the FDA awarded priority review status to the company’s breast-cancer drug Pertuzumab. The board of Illumina Inc. advised shareholders to reject a $5.7 billion bid from Roche to acquire the maker of gene-mapping tools, calling the offer “grossly inadequate.” Roche said it’s open for negotiations.

--With assistance from Corinne Gretler in Zurich. Editors: Will Hadfield, Andrew Rummer

To contact the reporter on this story: Peter Levring in Copenhagen at

To contact the editor responsible for this story: Andrew Rummer at

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