Schmolz shareholder spat set to end

Shareholders locked in a dispute over Swiss specialty steel firm Schmolz+Bickenbach are set to resolve on an Sfr330m ($336m) capital raise next month, bringing to an end uncertainty on the rights issue that was launched in May. The rebellious shareholders are set to decide their plans on August 13, when the company will release its results.

  • By Andrew Griffin
  • 30 Jul 2013

Schmolz has been looking for capital since April. It launched a rights issue in June, underwritten by BNP Paribas, Commerzbank and Credit Suisse, shortly after a failed takeover bid by major investor Renova.

Renova proposed another larger capital raise, which it would underwrite, but that was also rejected by shareholders.

Since then, ...

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