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Renova will support the Swiss manufacturer of special steel

Russian private business structure «Renova» will provide financial support of the Swiss manufacturer of rolled stainless grades of metal and tool steel — the company «Schmolz + Bickenbach». Swiss Guide Metallurgical Group has decided to launch in turn additional shares to restore the «financial health» of the enterprise, and «Renova," are interested in this opportunity to expand its investment portfolio. «In the prior agreement between the owner of the company figure numbers in the range between 385 and 670 million US dollars.» — Commented on the news the representatives of the Russian company. «However, more than the exact amount of the transaction will be announced after the Swiss side is determined by the budget the additional issue in which» Renova «may acquire 20.46% of the issued» Schmolz + Bickenbach «securities» — describe an event manager of the Russian structure.

Earlier it was reported that Viktor Vekselberg (head of business group «Renova») has repeatedly spoken of his intention to move the emphasis of the capitalization of the commodity sector in the manufacturing sector with high added value. «Participation in the» Schmolz + Bickenbach «and prior to the event out of the oil holding» TNK-BP «(. Freed about 7 billion shareholders' equity» Renova «) can be considered a logical steps Corporation towards this goal," — explain analysts of the market situation valuable papers.

«Renova» — a group of companies, leading its history since 1990. The structure is focused on the management of direct and portfolio investment funds with a concentration of assets in the metallurgical and oil and gas industries, as well as in energy enterprises, telecom business development and research activities in the field of nanotechnology. State organization (with all its subsidiaries and controlled companies) has approximately 100 thousand. Employees.

«Schmolz + Bickenbach AG» (formerly known as the «Swiss Steel AG») — Swiss company, whose headquarters is located in Emmen (Canton Lucerne). After a series of mergers and acquisitions completed in 2007, the corporation has taken the position of the world's largest manufacturer of tool steel and topped the top of the global market among producers of long products made of stainless steel. The company, whose assets are located not only in Switzerland but also in Sweden, Denmark, Italy, Germany and Turkey, employs about 10 000 people.

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