Patria is Helvetia’s main shareholder.

The shares were acquired from Cevian Capital, Baloise said, an activist investor which up until now had not commented on the planned merger.

The acquisition was unconditional and the parties agreed not to disclose the purchase price, Baloise added.

Patria will be able to vote with the newly acquired shares at the extraordinary general meeting of Baloise to be held on May 23 regarding the merger with Helvetia, Baloise said, adding it would not nominate a seventh board member in connection with the merger with Helvetia.

As a result, the board of the combined company Helvetia Baloise Holding Ltd. will have a total of 13 instead of 14 members after the merger, Baloise said.

(Reporting by Ariane Luthi; editing by Ludwig Burger)