can quickly change everything. On the last Sunday of the Viktor Vekselberg dominated Liwet Holding in the Sunday newspaper, an open letter to Martin Haefner. published It was about the controversial increase in capital in the case of steel manufacturer Schmolz + Bickenbach (S+B). "We can't be followed say Yes to a course of action, the one-sided interests and 82.5 percent of the shareholders at a disadvantage," it was said in the open letter. And further: "It can't be that you, Mr Haefner, Shareholders will dictate with a 17.5 percent share of S+B, alone of the 82.5 percent of the conditions."
On Monday, everything was different. The two major shareholders, which together hold 43 percent of the shares, have agreed on the cost of the minority shareholders. Subject to the approval of the financial market Supervisory authority (Finma) can Haefner increase its share to 37.5 percent, although the border would have to make when you Exceed the 33-percent-to the other shareholders an offer. That would be expensive, because according to the law, the price offered must be at least equal to the average rate of the last sixty stock exchange trading days, or how the highest price for the Haefner in the past twelve months for equity securities of S+B has paid. The higher value applies. According to representatives of Liwet and Haefner, the offer price is expected to be about 49 cents per share, more than Double the current market price. From the point of view of minority shareholders, Finma would, if she agrees to the Deal, Haefner a gift from 390 million Swiss francs to make.
pressure on the Finma of all pages
but There is another aspect about which there is a secret agreement: Vekselberg is subject to due to his alleged closeness to the Russian President, Vladimir Putin, sanctions of the USA. Haefner, as the owner of the Amag, which works closely with Volkswagen, you can afford under any circumstances, to be suspected to help Vekselberg in the circumvention of sanctions. In such a case, he himself could fall under sanctions of the USA, and Volkswagen would drop it immediately. In the case of a compulsory offer, Vekselberg could tender their shares but, according to Swiss law Haefner. Therefore, this was excluded in the Deal on Monday explicitly.
Meanwhile, exerted from all sides the highest pressure on the Finma, the Deal by waving and Haefner granting of an exemption, which exempted him from the obligation to make an Offer. A tightrope walk, because, actually, the takeover Commission decided two weeks ago that.
support Haefners reorganization plan from the powerful Association of machine, electric and metal industry, Swissmem, as well as the Lucerne cantonal government of Lucerne the members of Parliament. They could intervene in both the economy Minister, Guy Parmelin, as in the case of Ueli Maurer, in the Department of Finance, the jurisdiction over the Finma falls. This will have to decide, whether it decides is politically or for the minority shareholders.
This Text is from the current issue. Now all of the articles in the E-Paper of the Sunday newspaper, read: App for iOS App for Android – Web-App
Created: 08.12.2019, 18:32 PM