• Sat. May 18th, 2024

Martin Haefner receives praise from shareholders for his rescue efforts.

BySamantha Johnson

Apr 6, 2024
Martin Haefner receives praise from shareholders for his rescue efforts.

The shareholders of Swiss Steel, an ailing steel manufacturer, unanimously approved the latest capital increase at an extraordinary general meeting. The main shareholder, Martin Haefner, played a key role in securing the approval. The capital increase, the third in four years, was essential for the future of the company.

Haefner, who invested around 600 million francs in Swiss Steel, promised to underwrite the entire volume of almost 287 million francs if necessary. This would increase his stake in the company to around two thirds. Despite potential obligations to make a takeover offer, the Takeover Commission released Haefner from such requirements due to the urgent need for renovation within the company.

At the general meeting, the two other main shareholders, Liwet and Peter Spuhler, did not oppose the capital increase. Disagreements among the major shareholders had stalled progress on a new business plan for six months, causing tensions within the ownership group. The uncertainty regarding leadership positions within the company added to the challenges faced by management and the board of directors.

The company aims to use the fresh funds from the capital increase, along with refinanced bank loans, to ensure survival for at least the next four years. However, restoring trust among customers, suppliers, and employees will be crucial for the company’s long-term viability. Despite a slight increase in Swiss Steel’s shares following the general meeting, the company’s market capitalization remains low, indicating a lack of investor confidence in the company.

The future leadership structure of Swiss Steel remains uncertain, with changes expected at the upcoming general meeting in May. The company will need to navigate internal disputes and rebuild its reputation to secure a stronger position in the steel industry.

By Samantha Johnson

As a content writer at newszkz.com, I delve into the realms of storytelling, blending words to paint vivid narratives that captivate and inform our readers. With a keen eye for detail and a passion for research, I craft compelling articles that resonate with our audience. My love for words drives me to explore diverse topics, ensuring that each piece I create not only educates but also entertains. Join me on this journey as we navigate the ever-evolving landscapes of news and knowledge together.

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