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Rescue of Schmolz+Bickenbach is delayed

It is about 800 to Switzerland and to 10'000 in the world. However, the financial market Supervisory authority (Finma), you can not rush. Although various politicians have demanded until next Monday a decision to examine deepens the Finma, the plan of reorganization, Schmolz+Bickenbach (S+B). On 9. December prior to the commencement of trading you want to publish their decision. The Finma is required, because the S+B and the Investor have filed a complaint against the decision of the takeover Commission to stop the redevelopment plan.

the Background of the legal squabbling is a dispute between the billionaires, Martin Haefner and Viktor Vekselberg. Vekselberg is behind the Liwet Holding, with a share of 26 per cent previously, the largest shareholder of S+B. The capital increase Haefner tried to gain control of the distressed company and the largest shareholder. According to Plan he would come to 37.5 percent (previously 17.5 percent).

S+B wants to hold on to, despite the pending decision of their General meeting on Monday, and via a capital increase to the vote. "At best, a decision would be taken subject to", says S+B speaker Ulrich Steiner.

An open letter

not found If a friendly solution is, however, votes Liwet no. She struggles, in an open letter to Haefner against the planned capital increase. "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," said the statement. the will appear in their full form in the "Sunday newspaper".

"We share your concern for the future of Schmolz+Bickenbach. The company is in urgent need of money; so that all, even Liwet – accept", it says in the letter. Liwet calls on Haefner to negotiations: "Still time to find a constructive solution for S+B, which is in the interest of all shareholders, not just one." Liwet'm ready to save the company and the 10'000 jobs. She was also ready, so much money be put in the oven shot, "as is necessary" so that the company can survive.

the capital increase will be carried out, would have to be met according to Liwet two conditions: "first, the equal treatment of all shareholders, as prescribed by law must remain guaranteed. It may not 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," writes Liwet in your letter. Secondly, the solution should have no change of control will result. This is because in the case of a power Haefners corporate bonds, which are normally only in 2022 will be immediately bought up the takeover would have to be. This was prejudicial to the undertaking. "But it could be you, Mr Haefner, allow you to gain control over the company at a lower price," it says in the letter.

Lewit accuses Haefner in order to drive the price of the shares down, in order to obtain as cheaply as possible, the control over S+B. Also Haefners that the company would have to go to the bankruptcy judge, if on Monday the capital increase would not be adopted counts, according to Lewit.

Created: 29.11.2019, 23:15 PM

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