Internet giant Yahoo has announced its intention to close its European headquarters based in Rolle just outside Geneva. The company first set up camp in 2007 after taking a strategic decision to relocate its European headquarters from London following a lucrative deal with the cantonal Government, including attractive tax breaks.
However, the company went through a restructuring process after it managed to fend off a hostile takeover bid by software giant Microsoft in 2009. As a result, the Swiss office downsized significantly seeing 70 employees transferred to London. Following on from the restructuring process and the global economic downturn, Yahoo was forced to rethink its plans for Switzerland. Ireland was chosen as a more viable candidate to house its European base.
A spokesman for the company has confirmed that its offices in Rolle will be closed in early 2014, following consultation with employees.
Source: Le Matin