The message sounded at first glance unspectacular, The French energy giant, EDF sold its 25 percent stake in the power group Alpiq for a half a billion Swiss francs to the infrastructure Fund of Credit Suisse. Per share of these funds, mainly pension funds invest their money pays, 70 francs. In fact, a quarter of Alpiq assets within the next year to the pension Fund, and the company is withdrawn from the stock exchange.
it is Interesting to see what happens with the public shareholders. And who will bear the future risks of NUCLEAR investments. The largest public shareholder, the financial investor, Martin Ebner . He has a lot of joy to this Plan, quite the contrary. Ebner says: “well, I seen the Deal on the EOS use. Their President, Guy Mustaki, has until 2016 at the Alpiq Board of Directors, sass, awesome prepared. First he moved to 1.8 billion Swiss francs compensation from the merger and now he has, thanks to the failed hedging strategy, Alpiq over the years, very cheap electricity that he can sell the retail tax.”
management errors were a reason for the losses
to understand this, take a look at the history of the Alpiq useful. The largest energy providers in Switzerland was created at the beginning of 2009 through the merger of Atel and the Swiss EOS. Then, at the peak of energy prices, cost Alpiq share of around 550 Swiss francs. Because it was thought that the power plants of the EOS to be more valuable than those of the Atel, the EOS a compensation payment of 1.8 billion Swiss francs. That is why Alpiq is in debt to. This is one of the reasons for the loss in value of 87 percent for the public shareholders.
another reason for the loss of value, the falling electricity prices and the type, such as the Management of the former group head of Jasmin Staiblin and the Board of Directors, first under Hans Schweickardt, then Jens Alder, in responding. To Ebner: “The Hedging strategy of Staiblin and Alder was extremely awkward, both in terms of the currency, but also with regard to the price of Electricity.” Both factors contribute significantly to the losses at Alpiq. Alpiq has practically sold the whole of the electricity produced in the next three years, already. Why is today already foreseeable that it will also make no profit, although the prices wear. According to Ebner didn’t have to be so: “I’ve never understood why in the absolute Depth, the current capacity sold over the years fix. I have said this Alder.” This referred, however, in an Interview with Ebner’s proposal as too risky. Since Alpiq has not hedged to the Euro during the time of the minimum exchange rate, additional losses.
Also, the didn’t have to be, according to Ebner: “I have personally called before the cancellation of the Euro minimum exchange rate, the former Chairman of the Board and said that Alpiq should protect. You did not do it, and now huge losses.” As the price fell to below one Swiss franc, it was apparently in a panic and tried to respond with forward transactions. But Alpiq had bad luck. Ebner: “Then you have secured at 1.04, and it cost millions.”
share price would have to again
On the basis of the error, it was actually supposed to come to Change in Management. They remained under. Pushing that Jasmin Staiblin is obtained according to the General Assembly for the full Bonus, although there is still a lot of legal procedures are open. In Romania, Alpiq is risking a fine of almost 200 million francs, and the French construction giant Bouygues wants to press the price for the Alpiq abgekaufte infrastructure business to 200 million Swiss francs.
as for the future, it is foreseeable that Alpiq will come due to the increase in electricity prices back to the business. Martin Ebner is even very optimistic. “On the basis of the well to be achieved in electricity prices, we assume that Alpiq will earn in the next few years.” For this year, Ebner expects to have 120 million Swiss francs operating profit in the coming year with 260 million, 2021, with 370 million and 2022, with 450 million. Hence, the stock would have to rise in price again.
dispute about compensation to the public shareholders
in Addition, Alpiq in recent years. Specifically, the investments in nuclear power plants and fossil power plants abroad, were separated from the water power stations and other sub-holding moved. This and the fact that Alpiq operates the works themselves, with the result that no liability risks. This was not a major reason for this is that the infrastructure Fund of the Credit Suisse entry at all, as its CEO, Dominik Bollier says: “Alpiq’s NUCLEAR power plant operators, but in the case of Gösgen and leibstadt only an indirect minority shareholder or operating guide. As a result, no additional funding is required. In addition, the NUCLEAR power plant investments are legally separated from the water power plants.”
all of This leads to the fact that it will probably be to come to a dispute, such as the public shareholders. The unofficial Plan is to treat them the same as the EDF, at least for Martin Ebner in question: “If it really is that you want to pay the public shareholders only 70 francs, then be pulled over the table.” It was obvious that EDF wanted to get out. In the free market, you’d never have been able to place so many shares. I pressed on the price. “A course of 140 Swiss francs would, in fact, according to the value, and thus a compensation of the shareholders in the same amount, is appropriate.” As the Deal is now being considered, he was “not a glorious Chapter for Switzerland as a financial centre”.
(Sunday newspaper)
Created: 06.04.2019, 21:07 PM
