The steel company Schmolz + Bickenbach (S + B) is in a free fall. On Tuesday, the shares lost in the stock market about 11 percent of its value. In the last two years, the shareholders have lost two-thirds of your money. And they are about to lose everything, because of S + B is a hard raging power struggle.
the main actors, Martin Haefner, hard-to-rich Investor and one of the heirs of the Amag dynasty, and the Lewit AG, which is controlled by Viktor Vekselberg are. Lewit is, so far, with a share of 26 percent, the largest shareholder, but in the case of the planned redevelopment, the company would be brakes, and Haefner would be from 16 to 37 percent. The Swiss Takeover Board has rejected the reorganization plan, a victory for Lewit. So that S + B is at risk according to acute bankruptcy. The company has submitted to the financial market Supervisory authority (Finma) appeal.
support Haefners rehabilitation plan for S + B from the Association of the Swiss machine, electrical and metal industry (Swissmem). The Association expect the Finma “reversing the questionable decision of the takeover Commission”. “It’s about the rescue of the company and its jobs,” it means more.
Speculate on even lower rates?
So, Swissmem is reflected on the side of Haefner and turns against Viktor Vekselberg. This, although Vekselberg with Sulzer and OC Oerlikon has two large members of Swissmem and has offered 100 million Swiss francs in S + B to be put in the oven shot. Haefner has tightened up on Tuesday the sound. “A rejection of the capital increase at the extraordinary General meeting of shareholders of 2. December would be equivalent to going to the bankruptcy judge on the next day,” he told the “financial and economic”.
A glance in the balance sheet of S + B shows that on a consolidated level, the share capital of 379 million with the remaining capital of 224 million not covered. It is believed that by the end of the year, further losses are incurred, which the company confirmed, remediation measures according to the Swiss code of obligations (OR 725) will be charged. This means that the Assets of the company may not have to be the continuation values of a rating, so continue to be amortized. In addition, the banks asked for their loans, conditions that would no longer observed. Conclusion: The bankruptcy would be in sight.
but There are also other, more cynical view. In the environment of Lewit is spoken of panic. Incomprehensible is, that there has been no serious talks between the major shareholders. It would be S-+-B-Chairman of the Board, Jens Alder, who would this toast. Alder is but as an ally of Haefner. It is possible that the actors are speculating on lower rates, in order to get the renovation with as little money as possible in control of the company.
Created: 26.11.2019, 22:57 PM
