The Watches of Switzerland Group
lost a quarter of its value on Friday morning, heading for the stock’s worst day ever, after luxury watchmaker Rolex announced a deal to buy watch retailer Bucherer.

Rolex said the acquisition for an undisclosed sum followed the decision of Bucherer owner Jorg Bucherer — the 86-year-old grandson of founder Carl Bucherer — to sell the business in the absence of any direct descendants to take the reins.

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