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Specifically, Haefner-controlled BigPoint Holding AG sold Peter Spuhler’s 8.07 percent stake to PCS Holding. BigPoint’s share thus fell below one-third, according to a statement on Monday.
Haefner thus fulfills a requirement of Finma. In December 2019, it determined that Haefner would have to submit a mandatory bid for shares of Swiss Steel unless the share of voting rights fell below one-third by the end of 2024. Haefner claims to hold 32.73% of Swiss Steel after the sale to Spuhler.
Spuhlers PCS Holding’s stake in Swiss Steel has risen to over 20%, Swiss Steel announced on Monday.
PCS Holding wishes to underline its position as the long-term main shareholder of the traditional company and its “full confidence in the company’s potential as a leading manufacturer of innovative solutions in the special steel field”.
The trigger for Finma’s now-fulfilled status for Haefner was an exceptional endorsement following a capital raise in which he increased his stake. Because the company was in a state of restructuring, Haefner was not required to make a takeover offer to all shareholders, despite the more than one-third stake the authority had designated at the time. Exceeding the one-third threshold often triggers a mandatory bid for listed companies.
In particular, another major Swiss Steel shareholder sought such an offer: Russian billionaire Viktor Veskelberg, who owns a quarter of the shares through Liwet Holding. He had first fought with Haefner for Swiss Steel’s supremacy and capital increases, and then tried to argue that Haefner still had to submit a general mandatory offer to all Swiss Steel shareholders.
But in the spring of 2021, after several legal advances, Haefner refrained from taking further legal action as he dropped his stake below 50 percent. Haefner became a temporary majority shareholder as a result of capital increases and acquisition of shares from the founding family.
Back then, Peter Spuhler helped out by buying a 10 percent block stake in Haefner. This pleased Vekselberg. “On the matter, the negative concentration of power is over and Swiss Steel is experiencing a clear strategic upgrade with the involvement of a renowned industrialist like Peter Spuhler.”
(SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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