Another large number of exits on the Swiss stock exchange
Published: Friday, Dec 29th 2023, 11:20
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Once again in 2023, more companies disappeared from the Swiss stock exchange than new ones were added. This continues the trend of fewer and fewer companies being listed in Switzerland.
Six names have disappeared from the Swiss stock exchange this year. Looking at the past five years, as many as 38 companies have had their shares delisted from the SIX Swiss Exchange.
In contrast, only half as many new companies went public in the same period, according to an analysis of data by the news agency AWP. Almost every year, more companies left the stock exchange than joined it.
Acquisitions and mergers as the most common reason
The only exception was 2021, when the number of listed companies increased by a net three. In comparison, the net loss in each of the other years was between five and six. A good 200 companies are currently still offering their shares for sale on the stock exchange.
However, the number of delistings in 2023 was slightly lower than in previous years. For example, twelve companies left the stock exchange in 2019, according to a list from stock exchange operator SIX. The number of delistings in 2020 and 2022 was also higher than this year at eight and ten respectively. By contrast, two companies left in 2021.
The vast majority of delistings are due to takeovers and mergers. In each case, the new owner decided to remove the shares from the trading floor as part of the acquisition. Four out of six delistings in 2023 also had this background.
CS farewell caused a stir
By far the best-known stock market demise in 2023 was undoubtedly Credit Suisse. Trading in the shares of the former SMI member was discontinued in the course of the emergency takeover by UBS in June. The share had its best times before the financial crisis, when it was traded at more than 70 francs. More recently, however, they have been trading for less than 1 franc.
The shares of retailer Valora disappeared from the stock exchange in April. However, the actual purchase by the Mexican food giant Femsa took place in 2022.
The merger of the two machine tool manufacturers Starrag and Tornos to form the StarragTornos Group also gained notoriety. In December, two listings became just one.
A number of smaller companies have also left the stock exchange. Achiko and IGEA Pharma did not leave voluntarily, but rather the stock exchange's regulatory body, SIX Exchange Regulation (SER), applied for their delisting. This has only happened very rarely in recent years. Another company is still resisting a corresponding decision.
Trend reversal hoped for
In an interview with AWP, the head of the Swiss stock exchange, Christian Reuss, expressed confidence that the pendulum could soon swing back in the other direction. He expects up to 15 IPOs in 2024, as a certain backlog has built up in recent years that could be cleared next year.
However, it is questionable whether there will really be a turnaround. This is because six delistings have already been confirmed for 2024 and another company is considering withdrawing.
Among the most prominent upcoming disposals are those of the industrial group Von Roll and the electrical components manufacturer Schaffner, both of which have been acquired. There are also a number of smaller companies, the majority of which will also disappear from the stock exchange due to takeovers.
©Keystone/SDA
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