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The green light for the rescue of the Swiss steel group

The path for the planned capital increase and reorganization of the financially ailing steel producer Schmolz + Bickenbach (S + B) is free. The financial market Supervisory authority Finma has overturned a decision of the Vorbehörde.

Specifically, the Finma S + B has granted to major shareholder Martin Haefner an exception to the duty to make an Offer when you Exceed the One-third share. Making a negative decision of the takeover Commission UEK has been revised from two weeks ago. In a reorganization case, it is possible to receive such exception. The conditions were met, established the Finma on Monday for its decision.

The exception to a mandatory offer obligation was one of the conditions of Haefner with its Bigpoint Holding, the company to a syringe with a money to support by capital increase. He wants to expand its stake to 37.5 by 17.5 percent, without having to a bid to the remaining shareholders under wide.

last Monday, had agreed Haefner and Liwet Holding Viktor Vekselberg, the principal shareholder on a compromise. The proportion of Liwet should fall with the capital increase, to 25, currently at 26.9 per cent.


However, the Finma is making a number of copies: Martin Haefner and his Bigpoint Holding would require the shareholders to make a mandatory offer if their participation at the end of 2024, still above the third threshold, the message. In order to ensure that the rights of minority shareholders would be taken into account after the elimination of the requirements for remediation as appropriate.

This edition has been accepted by Martin Haefner, said in a separate message of S + B. The company was pleased with the Finma decision. Now, the large shareholders could not participate as planned, the recapitalisation of the company.

The capital increase is expected to reach a volume of at least 325 million Swiss francs. The issue price of the new shares is in a range of 20, 25 and 30 cents. The Board of Directors will adopt the timetable for the capital increase, according to the information on (today) Monday, and this "timely" post. (red/Reuters)

Created: 09.12.2019, 07:07 PM

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