Acquisition, purchase, sale as well as holding and management of participations of all kinds. May establish subsidiaries and branches in Switzerland and abroad, acquire, manage, encumber and sell participations in Switzerland and abroad, further acquire, manage, encumber and sell real estate in Switzerland and abroad, subject to the applicable statutory provisions (in particular the Federal Act on Acquisition of Real Estate by Foreigners), conclude transactions with or for the benefit of affiliated companies, in particular their direct or indirect shareholders and other group companies, also without adequate consideration, may also grant loans to group companies or provide securities for their obligations, as well as carry out any other activity that is directly or indirectly related to the aforementioned purposes.