Vekselberg takes control of Züblin Immobilien

17/06/2014

Through his investment company Lamesa, Russian billionaire Viktor Vekselberg has taken over a sizable package of Züblin Immobilien shares from previous major Züblin shareholder Forum Group. In addition, Vekselberg, who is considered one of the richest Russians, made
an offer for the mandatory convertible bond issued by Züblin Immobilière France which is currently held by Forum. Vekselberg thus becomes Züblin’s largest shareholder, with a 33% (previously: 16%) stake. In response, CEO Bruno Schefer and Board of Directors Chairman Pierre Rossier will leave their posts. A company announcement says that Schefer wants to enable a fresh start for
Züblin, which has reported high consolidated net losses for two years in a row. Vekselberg is said to disagree with the company’s announced withdrawal from its home market in Switzerland in favor of concentrating on Germany and France.


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