Schmolz+Bickenbach recap buoys steel firm’s free-float
Schmolz+Bickenbach, the Swiss steel products firm, announced plans last Friday (October 1) to recapitalise and refinance debts through a Sfr297m rights issue, in a deal that could double the closely-held company’s free-float. The stock tumbled on Friday, giving the firm a market capitalisation of Sfr741m — but bankers working on the deal expect the liquidity event to ultimately attract attention from investors that want to buy in to a macroeconomic recovery story.
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