According to report, Swiss authorities have rejected Russian investment group Renova in bid of special steel group Schmolz + Bickenback AG. Renova has submitted a €350 refinancing proposal last month.
The Swiss Takeover Board rejects Renova’s offer since it recognized it as “disguised attempt” to win the control of the company.
Revona’s original increase of capital was €250 million which already sufficient a from financial analysts’ opinion.
In fact, S+B has two other offers from other potential investors but the company declined to comment on the identity of the investors.
Source:
http://www.yieh.com/2.2.01.01stainlesssteelnews.aspx?no=64745&division=A9
