The former Schmolz + Bickenbach can now manage in their search for fresh money without a nod from the entrepreneur Peter Spuhler. The backgrounds.
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–He was ready to start at Swiss Steel: The boss and owner of the train builder Stadler Rail, Peter Spuhler,
Photo: Gian Ehrenzeller (Keystone)
He is considered one of the most successful entrepreneurs in the country: Peter Spuhler. The ex-SVP politician made the train manufacturer Stadler Rail big and is involved in various industrial companies. No wonder his name comes up quickly when it comes to helping a traditional Swiss company get back on its feet: Swiss Steel, die until recently Schmolz + Bickenbach was called, was wringing hands during the summer in view of high losses and slack sales looking for fresh money. The survival of the company with around 10,000 employees should not only be secured through loans and state aid, but also through the potential entry of new investors.
Spuhler was there: according to media reports, he offered over 100 million francs – in return for a stake of around 25 percent. This met with approval from many Swiss Steel investors. Among them there is talk of a “target-oriented package”, which was welcomed. However, as announced last Friday, nothing came of it. But why?
Main shareholder Haefner prefers to invest itself
The first reason is that nothing works at the group without the consent of the main shareholder Martin Haefner. The owner of the car importer Amag holds 49.6 percent of the shares and thus has a controlling majority. He had only increased his stake a year ago. If Spuhler had joined in, he would have lost some of its influence, according to one version. The other is, according to the “Handelszeitung”, that Haefner was put off by the news that Spuhler becomes the Russian honorary consul in Switzerland. Spuhler has since denied the message. Haefner is said to have feared an internal opposition front, consisting of Spuhler and the Russian Swiss Steel major shareholder Viktor Vekselberg.
–He decides where to go at Swiss Steel: anchor shareholder Martin Haefner.
Photo: PD
Either way: Instead of getting a new investor on board, Haefner is now jumping into the company with another loan of 130 million euros. In addition, there are government loans from Switzerland and France of around 70 million euros. This closes the funding gap.
ZKB analyst Philipp Gamper also considers the future of the company to be secure with Haefner’s continued commitment. «Haefner ist readys srather strong engagiert. He’s been with us for a long timend wI know that this is a long story and that the turnaround will take time, ”says Gamper.
Business is picking up
In addition to Haefner’s credit, there is another reason why the company does not need a new investor for the time being: business has developed better in the past third quarter. The company was able to sell more steel again to automakers who started production after the lockdown in the spring. Things also went up in October. “There is a little more music coming in,” says company boss Clemens Iller. The loss in the third quarter decreased to 66.3 million euros after a minus of 432.2 million euros in the same quarter of the previous year, as the group announced on Wednesday morning.
However, the entry of an investor does not seem to be off the table for all time: Swiss Steel wants to continue to hold discussions with interested parties. Because the current financing does not allow for big leaps. «Da one would wish for more», Says CFO Markus Böning.
A medium-term entry of a new investor could also be in Haefner’s interest: By the end of 2024, he will have to reduce his stake to below 33.3 percent. If he does not do this, he has to make a mandatory offer to the other Swiss Steel shareholders following an order from the financial market supervisory authority.
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