Steelmaker Investors to Vote on Cash Call Amid Billionaires’ Fight

Schmolz + Bickenbach AG’s shareholders voted in favor of a capital increase to keep the company afloat after the two largest investors ended weeks of feuding over the proposal, Bloomberg News reported. Almost 80% of shareholders attending an extraordinary meeting near the Swiss city of Lucerne approved the share sale plan of at least 325 million Swiss francs ($326 million), removing a key hurdle towards rescuing the company from insolvency. Liwet, an investment holding company linked to Russian billionaire Viktor Vekselberg, will own as much as 25% of the Swiss steelmaker after the capital increase, while Martin Haefner --currently the company’s second largest shareholder-- will increase his stake to up to 37.5%, they said at the meeting. Read more

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