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From what I have been told, there actually was NOT a takeover, but just a name change. The CEO is somewhat eccentric, and the conglomerate he owns includes Omega, a bunch of watch movement manufacturers, and a bunch of other brands including the lowest common denominator brand Swatch. At some point a name for the conglomerate had to be chosen, and of all things to choose the CEO chose the name Swatch.
Obviously, there is not much of a correlation between the kind of intellect required to amass a huge amount of wealth and common sense as you and I know it.
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