FINMA grants exemption, clears way for Schmolz+Bickenbach capital hike

Swiss Steel Holding AG

09/12/2019 06:20

ZURICH, Dec 9 (Reuters) - Schmolz+Bickenbach  STLN.S  got a
boost on Monday in its fight for survival as Swiss market
supervisor FINMA allowed the steelmaker's big shareholders to
increase their stakes without having to make a takeover offer
for the entire business.
    FINMA said on Monday that Martin Haefner's BigPoint Capital
can increase its 17.5% stake to 37% as a condition of taking
part in a capital increase of at least 325 million Swiss francs
($325.91 million) without the mandatory offer requirement
kicking in.
    The exemption runs until the end of 2024. If Haefner still
owns more than 33.3% of the company then, it must make an offer
for the entire company. Shareholders last week agreed terms of a
rescue plan helping conclude a power struggle over control of
the money-losing Swiss steelmaker.  urn:newsml:reuters.com:*:nL8N28C4E8
    

($1 = 0.9972 Swiss francs)

 (Reporting by John Revill)
 ((John.Revill@thomsonreuters.com; +41 58306 7022; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))