NÜRNBERG (dpa-AFX) - The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) has called on shareholders of automotive supplier Leoni to resist the company's planned restructuring concept. Under the concept, the value of shareholdings would be completely forfeited and shareholders would lose all their money invested in Leoni. Major shareholder Stefan Pierer is to continue to manage the company on his own and in return assume around half of the liability totaling around 1.5 billion euros. Leoni is then to be delisted from the stock exchange.

It has been known for a long time that Leoni is in a bad state. He added that it was also understandable that substantial cuts would have to be made to the capital providers. "However, the fact that the major shareholder alone is taking the helm here at the expense of the independent shareholders and is carrying out a restructuring solely for its own benefit at the expense of and without the possibility of participation by the other existing shareholders is neither comprehensible nor the right way to go about it," said DSW CEO Marc Tüngler.

Leoni has called its shareholders together for an extraordinary general meeting on June 2. DSW called on the shareholders to join forces in order to be able to speak with one voice./dm/DP/mis