What might barely raisean eyebrow in bigger markets has come as a shock tosmall Switzerland: in the past six months, four famous industrial companies have found themselves on the wrong end of hostile takeover attempts.

Takeover attempts for Forbo, Unaxis, Leica Geosystems and, last week, Saia-Burgess, highlight the reality that many of Switzerland's respected and technologically endowed industrial companies are undervalued.