The fight between the main shareholders is life for the steel group Schmolz + Bickenbach (S+B), with its headquarters in Lucerne dangerous. In Switzerland, 800 Jobs are on the game, world’s 10’000. The company is in serious trouble: The trade war between the US and China, as well as sales of the German automotive industry have led to a crisis in the steel industry. Therefore, S+B, achieved in the first nine months of this year, a loss of 433 million francs, and in urgent need of money. “We need a minimum of 325 million francs, otherwise in danger of bankruptcy,” said spokesman Ulrich Steiner.
Next Monday, therefore, is an extraordinary General meeting of shareholders (AGM). One of the current major shareholders, Martin Haefner, has pledged a minimum of 325 million be put in the oven shot. This is under three conditions: that he have 37 percent of the company, that he must make to the other shareholders a takeover offer and that the influence of the largest shareholder, the Lewit Holding, is limited. Behind the Lewit Viktor Vekselberg, who is on the sanctions list of the USA’s, and Haefner would like to avoid, that S+B, therefore, problems.
it Is so bad?
The Swiss Takeover Board (UEK) has now decided that the conditions were acceptable. You can S+B save also different. According to Steiner, a blatant incorrect decision: “The offer of Haefner is the only binding offer that we have.” All others are non-binding Commitments. Steiner: “We have received so far from Lewit no binding Commitment Letter, that she really is ready to invest 100 million Swiss francs.” The resistance of a speaker of Lewit, doesn’t seem entirely convinced whether it really needs so much money speaks: “Lewit is ready, within the framework of a financing solution of up to 100 million Swiss francs to contribute. Condition is that all shareholders are treated equally.” But you’ve never received a request. “Without a request, not a commitment,” says the spokesman.
S+B has recourse against the UEK-verdict in the case of the financial market Supervisory authority (Finma). The decision before the GM life is important. Is it really so? “A bankruptcy as a threat is been invented over the weekend to put the Finma under massive pressure,” says a situation more familiar to observers. Steiner disagrees: “If the balance sheet continues to deteriorate, then the auditors could provide the company’s continued operation into question. This means, then, the insolvency and bankruptcy threatens.” Panic not, be doing says Steiner: “We have not invented the insolvency risk, in order to make pressure on the Finma.” Finma spokesman Tobias Lux said: “We will examine the case with due diligence. It is clear that we would treat him with great urgency.”
Created: 25.11.2019, 21:57 PM
