Sulzer shares under pressure
Shares in Sulzer took a hammering on Friday after the company's stock resumed trading on the Swiss stock exchange.
Sulzer, whose shareholders effectively rejected a hostile takeover bid from investment group InCentive Capital on Thursday, saw its shares drop more than four per cent at one stage to SFr964.
Traders said investors were unwinding speculative positions taken ahead of Thursday’s annual general meeting.
Sulzer shareholders also agreed to spin off the group’s stake in Sulzer Medica, Europe’s largest maker of orthopedic devices, whose shares rose seven per cent on Thursday.
But Medica gave back all of the gains on Friday, trading almost 13 per cent lower at SFr301.5 amid reports the group may be hit with claims for punitive damages after a recall of defective hip implants in the United States.
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