Recapitalization of SCHMOLZ+BICKENBACH

On January 8, 2020, the SIX-listed steel producer SCHMOLZ+BICKENBACH successfully completed its recapitalization, consisting in a capital reduction and a simultaneous share offering in the gross amount of CHF 325 million. In the context of the transaction, the Swiss entrepreneur Martin Haefner, through his wholly-owned holding company BigPoint, invested approx. CHF 223 million in the rights issue and acquired the 10% interest of the founding family of SCHMOLZ+BICKENBACH for a purchase price of approx. CHF 43 million. As a result, Martin Haefner (through BigPoint) increased its share in SCHMOLZ+BICKENBACH from originally 17.5% to 49.6% of the capital and voting rights of the company, thereby relying on an exemption from the mandatory tender duty granted by the Financial Market Supervisory Authority FINMA.
 
Lenz & Staehelin advised BigPoint and Martin Haefner in this transaction.