At the beginning of the Ukraine war, auto supplier Leoni was to a certain extent the face of the supply problems in the auto industry because the manufacturer was no longer able to produce cable harnesses in the country invaded by Russia. Now the company, which subsequently experienced turbulence, has been taken over by KTM boss Stefan Pierer.
The Upper Austrian entrepreneur has been the new sole owner of the ailing German automotive supplier based in Nuremberg since Friday. The entry in the commercial register was made in the morning, and stock trading on the Frankfurt and Munich stock exchanges will end during the day, said a company spokesman. Leoni, with its 95,000 employees worldwide, had sales of 5.1 billion euros last year and 605 Lost millions of euros. The share price has been plummeting for years. The cable and wiring system specialist had accumulated debt in the course of its international expansion and then got into trouble as a result of the corona pandemic and the Ukraine war agreed a rescue plan with Leoni’s major shareholder Pierer: He gave Leoni a capital injection of 150 million euros and in return received all newly issued shares that were no longer listed. The old Leoni shares became worthless when the new shares were entered in the commercial register. Shareholder protectors had criticized this. In the course of the restructuring, the creditor banks waived claims of more than 708 million euros. In return, they should receive 45 percent of the dividend as soon as Leoni is profitable again and can pay out dividends.
source site-13