20 Apr 2011
Ad hoc announcement pursuant to Art. 53 LR

Commercial Court, Zurich rules in favour of ARYZTA AG.

Zürich / Switzerland, 20 April 2011. The Commercial Court of the Canton of Zurich (Handelsgericht des Kantons Zürich) has ruled in favour of ARYZTA AG (‘ARYZTA’) and dismissed the case brought by Peter J. Lehner & Partner AG (‘Lehner’).


Lehner (a former Hiestand shareholder) took a legal action against ARYZTA asserting, in essence, entitlement under the Hiestand Holding AG (‘Hiestand’) and IAWS Group plc (‘IAWS’) August 2008 merger, to a price for its Hiestand shares equal to the price IAWS paid Lion Capital for its former Hiestand shares under their contract.


ARYZTA has consistently maintained that the claim was without merit and while Lehner may appeal the ruling of the Zurich Commercial Court to the Federal Court of Switzerland within 30 days of 1 May 2011, ARYZTA will vigorously defend any appeal that may be brought.




Paul Meade
Communications Officer
Tel. +41 (0) 44 583 42 00