Mühlebach standing behind Bucherer. (Credit: H. Zimmermann)
New details of the deal between Bucherer and Rolex emerged Saturday, after a profile of Jörg Bucherer's lawyer, Urs Mühlebach, was published in Zurich-based magazine Bilanz.
Bucherer, who passed away just weeks after penning a deal with Rolex, had placed immense trust in Mühlebach, granting him full power of attorney over all business matters.
As his health began to decline, Bucherer entrusted his lawyer with another task: initiating the sale. Mühlebach suddenly found himself as the negotiator, executor, estate administrator and chairman of the foundation board, all rolled into one. But Mühlebach proved to be a tough negotiator with Rolex during the airtight talks that took place over an 18-month span.
Mühlebach said one of the biggest sticking points in the negotiations surrounded the retailer's real estate: properties in Lucerne, Geneva and Zurich had been recorded for less value than they were worth today, with Geneva's flagship building as the crown jewel. The final agreement was kept secret, in Swiss fashion, but it is widely believed to have topped four billion francs.
The Jörg G. Bucherer Foundation today is worth an estimated five billion francs, putting it in the top five foundations in Switzerland. But while the Hans Wilsdorf Foundation, which donates more than 300 million francs every year, has eight board members and requires a collective signature by three, Bucherer’s trusted lawyer, Mühlebach, runs the foundation alone.
Urs Mühlebach. (Photo credit: Herbert Zimmermann)