Schmolz+Bickenbach completes capital increase

Swiss-headquartered longs’ specialist Schmolz+Bickenbach has successfully concluded a share offering in the context of its announced capital increase. Slightly more than 1 billion shares were sold and are to be issued in the capital increase, which translates to proceeds of CHF 325 million ($334m). Following the completion of the international offering, the offer price was set at CHF 0.30 per share.

Upon completion of the capital increase, the total number of shares issued by the company will amount to slightly more than 2 billion shares. Swiss investor Martin Haefner and his company Big Point will own approximately 44.9% of the share capital and voting rights in the company. Russian entrepreneur Viktor Vekselberg’s Liwet will own 25.0%.

A prerequisite for the capital increase was that the Swiss Financial Market Supervisory Authority FINMA relieved Haefner from the condition of making an offer for all outstanding shares (see Kallanish passim).  This is normally due when shareholding rises above 33.3%. However, the exemption is only temporarily valid until 2024.

Meanwhile, the original German owner families have reportedly filed a suit against the capital increase as it proceeded. Through their joint holding, Schmolz+Bickenbach Beteiligungs GmbH, they own around 10% in the SBQ steel producer.