“I had not thought of that already on the 2. December Christmas is”, quipped Jens Alder, President of Schmolz + Bickenbach, on Monday at the General Assembly of the steel group in Emmen, LU. The good news: Shortly after 16 o’clock and were surprised that the two big shareholders, Martin Haefner and Viktor Vekselberg , the shareholders ‘ meeting with the glad tidings that they had agreed on a common course for the renovation.

the way was Thus free for the by the Board of Directors proposed a capital increase of at least 325 million up to a maximum of 614 million Swiss francs. The shareholders approved the capital increase with a high votes of 79.3 percent.

The agreement came about because Haefner and the Board of Directors had to fear that Vekselberg sent to the capital increase bachab. Because of the Oligarch and three other shareholders hold over the investment vehicle Liwet 26.9 percent of Schmolz + Bickenbach. A further 7 per cent of the shares held by family heirs to the steel company, and the voices of each of his senses. Martin Haefner, with only 17 percent stake, fearing that Vekselberg brings a counter-application for a much smaller increase in capital of around 200 million Swiss francs in the case of the shareholders by means of. Haefner dawned on him as a shareholder marginalization threatened.

the beginning of the AGM postponed

The Power struggle on Monday lasted well into the afternoon. Twice Alder postponed the start of the AGM, a half-hour in the hope of an agreement at the last Minute. Shortly before the start of the actual vote, signed the Deal shows that Vekselberg was able to get some concessions. Haefner was his intention to be the oligarchs of the increase in capital largely to exclude, drop. Vekselberg may provide for subscription rights not exercised, as his lawyer stressed.

Said ” Yes ” to restructuring: the Russian Investor Viktor Vekselberg. Image: Keystone/Alessandro Della Bella

the billionaires have Agreed to the following power formula: The Board of Directors to proceed with the allotment of new shares so that the stock of Vekselberg at the end holds a maximum of 25 percent of the steel group, nearly 2 percent less than it is today; Haefner is allowed to increase from 17 per cent to a maximum of 37.5 percent. Haefner will be the new major shareholder. Vekselberg has been able to prevent that, he descends to the little significant shareholder.

37.5 percent of the shares are in his possession: Amag-heritage Martin Haefner. Image: PD

everything Is palletizing? Not in the least. A lot will depend on how the decision of the financial market supervisor Finma the next Monday. Finma Haefner relieve you of the duty to the other shareholders a tender offer for its shares if it increases its stake over a third, then this is likely to increase its stake to 37.5 percent.

President Alder warns

in Addition, the Oligarch is said to have consented to the clause, according to Haefner to about 37.5 percent can increase, if the increase in capital brings the necessary 325 million Swiss francs. In short: Haefner the aim is to come to rule the steel group with a “minority Control”, a piece of closer.

the Finma, however, Remains hard and maintains the duty to make an Offer, then it is for Haefner expensive, if it increases the participation of over a third and the other shareholders an offer to purchase must make. This is likely to cost him, according to the calculations of bankers about 390 million Swiss francs, based on the price development of the last half-year. And this at a price that would move many shareholders to sell.

The steel group will have to survive a “very hard restructuring”.

in Addition, the steel company is in need of 140 million Swiss francs of liquidity, would have to obtain Haefner. Further, he would have to provide the promised funding, because of the change in Control, bonds over 350 million euros, due immediately. About half of this bond, he would have to take back, attributed to a financial specialist.

Next week will get along after the decision of the Finma, as it goes on. Haefner receives a free pass, it will show whether or not he wants to bring the steel group’s fully under his control and whether he is willing to pay a high price. Or whether he is with a participation of just under a third are satisfied with the consolation that Vekselberg as a major shareholder will be the Junior partner.

shareholders comment on the agreement: Video: Keystone-SDA.

“Schmolz + Bickenbach is not out of the woods yet,” warned the President of Alder on Monday, the shareholders. After the capital increase and fading of the numerous risks of “love”. Banks, credit insurers, suppliers and customers were “nervous” and would have to be kept at the bar. And the steel group will have to survive a “very hard restructuring”.

Created: 02.12.2019, 23:08 PM