Thursday, 7 October 2021
Blackstone to acquire VFS Global
On 7 October 2021 funds managed by Blackstone Capital Partners (“Blackstone”) have signed a definitive agreement with EQT VII fund (“EQT Private Equity”) and the Kuoni and Hugentobler Foundation to acquire a majority stake in VFS Global (the “Company”). EQT Private Equity will remain indirectly invested in the Company with a minority position alongside Blackstone. Blackstone, as majority shareholder, and the Kuoni and Hugentobler Foundation, as minority shareholder, will be co-investors in the Company following the closing of the transaction.
Please refer to the joint media release for more information.
Media Release (PDF)
Saturday, 3 August 2019
Death of Annemarie Huber-Hotz
The Kuoni and Hugentobler Foundation mourns the loss of its member
Annemarie Huber-Hotz
(16 August 1948 – 1 August 2019)
Annemarie Huber-Hotz has been a member of the Foundation Board and Chairwoman of the donations committee since 1 January 2010. The realization of the charitable purpose of the Foundation, and in particular supporting disadvantaged children in tourism regions, was a special concern to her. With Annemarie, we have lost a leading member who, with her calm and determined manner and her experience in politics, public administration and charitable work, has given the Foundation important impulses. We will miss Annemarie and keep an honorable memory of her.
The Foundation Council
Tuesday, 30 May 2017
Kuoni Global Travel Services to be acquired by JTB Corporation
On 30 May 2017, Kuoni Global Travel Services announced that it is to be acquired by JTB Corporation.
Please refer to the media release of Kuoni Global Travel Services.
Media Release (PDF)
Friday, 28 April 2017
GTA to join Hotelbeds Group
On 21 April 2017, Kuoni Travel Holding Ltd. announced the transfer of its division Global Travel Distribution (GTA) to Hotelbeds Group. The Kuoni and Hugentobler Foundation will keep a stake in the combined Hotelbeds/GTA business.
Please refer to the media release of Kuoni Travel Holding Ltd.
Media Release (PDF)
Thursday, 15 December 2016
Cancellation of publicly held Kuoni B Shares and Delisting from SIX Swiss Exchange as of 10 November 2016
On 1 November 2016, Kuoni Travel Holding Ltd. announced the cancellation of all Kuoni B Shares with effective date 27 October 2016. Subsequently they were delisted from SIX Swiss Exchange.
Please refer to the media release of Kuoni Travel Holding Ltd.
Media Release (PDF)
Wednesday, 1 June 2016
Completion of the public takeover offer for Kuoni as per 19 May 2016: Speech of Karl Hofstetter, Chairman of the Kuoni and Hugentobler Foundation, at the Extraordinary General Meeting of 2 May 2016 of Kuoni Travel Holding Ltd (excerpt from the minutes)
The Kuoni and Hugentobler Foundation is delighted about the completion of the public takeover offer for Kuoni, and subsequently for the accomplishment of its preferred solution. The company can now be led into a secure future together with a solid partner. The focus remains on the long-term development of Kuoni as a tourism group, fully within the spirit of the Foundation’s mission to ensure the stability and integrity of Kuoni while upholding the existing corporate purpose. Thus, one more important chapter is written in Kuoni’s history. The Kuoni and Hugentobler Foundation will continue to play the role that is incumbent upon it in compliance with the objectives of the Foundation. At the Extraordinary General Meeting of Shareholders of Kuoni Travel Holding Ltd on 2nd May, 2016, Karl Hofstetter, Chairman of the Kuoni and Hugentobler Foundation, presented through his statement the position of the Foundation regarding the completion of the public takeover offer for Kuoni (excerpt from the minutes, section E, para. 2):
Amendment of the Articles of Incorporation
The Chairman passed the word to Prof. Dr. Karl Hofstetter, President of the Kuoni and Hugentobler – Foundation.
Prof. Dr. Karl Hofstetter delivered the following speech:
Dear Chairman,
Dear Shareholders,
It is probably appropriate that the Kuoni and Hugentobler – Foundation as former anchor shareholder of Kuoni Group takes a stand on this very important agenda item, which virtually symbolizes the introduction of a new area.
The guiding star of the foundation is and always was the purpose of the foundation: to permanently preserve Kuoni on a solid basis within the scope of the statutory purpose of the company, meaning as a travel group.
At the pursuit of this purpose, the foundation viewed itself always and consequently in its role as a shareholder, meaning that the management of the company was delegated to the board of directors and the executive board.
The foundation always actively pursued its role as a shareholder, but granted the required discretion to the board of directors and the executive board in the area of strategic and operational business decisions: this included the decision of the board of directors to sell the tour operating business in January 2015. The foundation, as many other major shareholders, supported this step because this was a strategic decision within the competence of the board of directors, which was based on reasonable grounds.
Apparently, the implementation did however not proceed as planned in all points: the foundation therefore supported the corrective measures of the board of directors, which were announced in autumn 2015.
In connection with these measures, the board of directors stated its intention to remove the shareholder registration limitations at the ordinary general meeting of shareholders 2016. Because this is a decision of the general meeting of shareholders and thus a shareholders matter, the foundation delved into this question and allowed itself time until it took a view on this.
The conclusion of the foundation council, which was also discussed with the foundation supervisory authority, was unambiguous: a removal of the shareholder registration limitations can only be supported if the future of the company in strategic and financial terms is adequately secured. A removal of shareholder registration limitations like a leap into to void would not be compatible with the purpose of the foundation.
Against this background, the foundation council, in consultation with the board of directors, worked towards a solution with a strong, credible and competent partner. With EQT such partner was found, also from the perspective of the foundation council.
The foundation therefore supported the tender offer by EQT from the beginning and reached an agreement with the new partner by way of a term sheet regarding the cornerstones of future cooperation and further development of the company. As is generally known, one of the conditions of the tender offer by EQT was the removal of the shareholder registration limitation and the voting right limitations by the general meeting of shareholders.
The envisaged implementation of the agreement between the foundation and EQT partly encountered some resistance from the Swiss takeover board. Therefore, the foundation moved the case on. However, this did at no time change the intention of the foundation council to bring the public tender offer by EQT to a good end. The tender offer as such is not the subject matter of the ongoing procedure and the foundation is convinced to find, together with its partner EQT, a mutually satisfactory solution within the Swiss takeover rules and without violation of the best price rule. The settlement of the public tender offer will not and shall not be delayed due to still open legal questions.
Against this background, the foundation council supports the proposal of the board of directors and will vote in favor of the proposed amendment to the articles of incorporation.
Monday, April 11, 2016
Press release: „New Board of Directors nominated for Kuoni“
In connection with the public tender offer by EQT VII through Kiwi Holding IV S.à.r.l, Kuoni Travel Holding Ltd (“Kuoni”) proposes for the Extraordinary General Meeting on May 2, 2016, the appointment of a new Board of Directors. The novelty is that the Kuoni Board should consist of only three members instead of seven as it is currently the case. The Kuoni and Hugentobler Foundation recommends Prof. Dr. Jurist. Dr. H. C. Thomas Geiser as the representative of the foundation on the new Kuoni Board.
It continues to fully support the public offering of EQT VII for the B shares and, in this regard, reaffirms their firm intention to vote at the Extraordinary General Meeting for the lifting of restrictions on transferability and voting in the articles of Kuoni. The pending appeal by Kuoni and the Hugentobler-Foundation against the latest decision of the Swiss Takeover Board does not affect the current offer for public shareholders.
Press Release (PDF)
Tuesday, 2 February 2016
Press Release: „The Kuoni and Hugentobler Foundation together with EQT seek complete takeover of Kuoni Travel Holding Ltd.“
Stans, February 2, 2016 – The Kuoni and Hugentobler Foundation (foundation) welcomes the decision of the Kuoni Board to recommend investment company EQT to shareholders as the new majority shareholder of Kuoni Travel Holding Ltd (Kuoni). This long-term oriented approach, with a strong partner, is the Kuoni and Hugentobler Foundation’s preferred solution, as it allows it to continuously fulfill the foundation’s purpose, and secure the long-term existence of Kuoni. Under these conditions, the Kuoni and Hugentobler Foundation Council (Foundation Council) also agrees to the limitation of voting rights’ renouncement.
Press Release (PDF)
Monday, 9 November 2015
Statement by the Kuoni und Hugentobler Foundation concerning the announcement by the Board of Directors of Kuoni Reisen Holding AG to propose the removal of the statutory voting restriction at the 2016 General Meeting
The Kuoni und Hugentobler Foundation welcomes the steps announced by the Board of Directors of Kuoni Reisen Holding AG on 5 November 2015 along with the operational measures to ensure the expedited implementation of the strategy adopted in January 2015. It has also acknowledged the announcement by the Board of Directors to propose a motion at the 2016 General Meeting concerning the removal of the voting restriction contained in the Articles of Association. This is a significant motion, which the Foundation Council will examine carefully with regard to all of its implications for the purpose of the Foundation. The Foundation aims to ensure the long-term stability and integrity of Kuoni Travel Holding Ltd. while upholding the existing corporate purpose. The Foundation Council will take its decision after completing the necessary clarifications and discussions. It will state its position in due course.