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MarketScreener Homepage  >  Equities  >  Swiss Exchange  >  Schmolz + Bickenbach AG    STLN   CH0005795668

SCHMOLZ + BICKENBACH AG

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

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12/09/2019 | 04:02am EST
FILE PHOTO: Logo of steelmaker Schmolz + Bickenbach Group is seen in Emmenbruecke

Swiss market supervisor FINMA on Monday allowed Schmolz+Bickenbach's big shareholders to increase their stakes without having to make a takeover offer for the entire business, boosting the steelmaker's fight for survival.

FINMA said 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 (254 million pounds) 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.

Schmolz+Bickenbach's shares surged nearly 13% in early trading after the decision was announced, which was welcomed by BigPoint Holding and Martin Haefner, as well as the company.

"This decision by FINMA clears the way to complete the capital increase and thus to execute the planned restructuring of the company with the participation of BigPoint Holding AG and Martin Haefner," the investor said in a statement.

"We welcome this decision by FINMA which paves the way for the capital increase which will secure the future of the company," said Schmolz+Bickenbach spokesman Ulrich Steiner.

(Reporting by John Revill; editing by David Evans)

Stocks mentioned in the article
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CARDINAL HEALTH, INC. -1.91% 53.82 Delayed Quote.6.41%
CARDLYTICS, INC. 1.36% 88 Delayed Quote.39.99%
SCHMOLZ + BICKENBACH AG -1.97% 0.2235 Delayed Quote.-18.86%
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Financials (EUR)
Sales 2019 3 015 M
EBIT 2019 -162 M
Net income 2019 -486 M
Debt 2019 690 M
Yield 2019 -
P/E ratio 2019 -0,92x
P/E ratio 2020 -3,25x
EV / Sales2019 0,37x
EV / Sales2020 0,38x
Capitalization 422 M
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Technical analysis trends SCHMOLZ + BICKENBACH AG
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Mean consensus HOLD
Number of Analysts 3
Average target price 0,19  €
Last Close Price 0,21  €
Spread / Highest target 15,1%
Spread / Average Target -9,82%
Spread / Lowest Target -34,8%
EPS Revisions
Managers
NameTitle
Clemens Iller Chief Executive Officer
Jens Alder Chairman
Matthias Wellhausen Chief Financial Officer
Michael Büchter Independent Non-Executive Director
Oliver Thum Non-Executive Director
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