Activist investor Cevian takes stake in Swiss insurer Baloise

Activist investor Cevian has taken a 3.12% stake in Swiss insurer Baloise BALN, the Swiss stock exchange said on Saturday. The stake would be worth around 213 million Swiss francs ($234 million) at current market prices, according to a Reuters calculation.

The exchange's statement comes after Baloise shareholders voted last month to scrap a 2% cap on voting rights, which had previously limited their influence on the company's management.

"We have followed Baloise for a long time and have invested as we see long-term value potential in the company," said a spokesman for Cevian.

"There is a significant opportunity to improve Baloise's operating performance and competitive position over the coming years," said the spokesman, who did not say when Cevian had started building its stake.

Cevian, which has offices in Stockholm, London and near Zurich, previously invested in Swiss engineering group ABB ABBN and last year reported a position in UBS UBSG, saying it wanted to double the value of its stake.

Baloise has endured a tough few years, with the Basel company's share price trailing rival insurers while investors have complained it is too dependent on its Swiss home market.

Over the past five years its stock has lost nearly 11% in value, lagging a 29% gain by the Stoxx Europe index for European insurers (.SXIP).

A Baloise spokesperson said: "Like us, our investors see the long-term value potential of Baloise."

($1 = 0.9089 Swiss francs)