Switzerland's already fragile efforts to salvage a viable airline out of the remains of its bankrupt national carrier, Swissair, were set back substantially by the crash over the weekend of a plane operated by its designated successor, Crossair.
GENEVA — The international commodities trading firm run by Marc Rich, the billionaire pardoned by President Bill Clinton, will be merged with Crown Resources, a Swiss-based energy trading company owned by Alfa Group of Russia, the two firms said. The merger is expected to be completed within two months; financial terms were not disclosed. Under the merger deal, Marc Rich & Co. Investment, Rich's trading company, will be combined with Crown Resources to form what Thomas Frutig, the chief executive of Marc Rich Investment, called ""a new commodity trading powerhouse.'' Another Rich-controlled entity, Marc Rich & Co. Holding, will initially keep an interest in Crown; that stake will later be sold to Crown's management. Crown was founded in 1996 and relocated last year from Gibraltar to become a neighbor of Rich's in Zug, Switzerland. It now employs about 20 traders in Zug, its chief executive, Elliot Spitz, said Tuesday in a telephone interview from London, where the merger announcement was made.