Lord of the wiring harnesses – car supplier Leoni is now owned by KTM boss Pierer

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Lord of the wiring harnesses – car supplier Leoni is now owned by KTM boss Pierer

At the start of the war in Ukraine, car supplier Leoni was to some extent the face of the supply problems in the car industry, as the manufacturer in the Russian-invaded country could no longer produce wiring harnesses. Now the company, which was then in turmoil, has been taken over by KTM boss Stefan Pierer.

The entrepreneur from Upper Austria has been the new sole owner of the ailing German car supplier from Nuremberg since Friday. The registration in the commercial register was made in the morning and trading of shares on the Frankfurt and Munich stock exchanges will end during the day, a company spokesman said.

Leoni had a turnover of 5.1 billion euros and a loss of 605 million euros with its 95,000 employees worldwide last year. The share price has been falling for years. The cable and wiring system specialist had gone into debt during its international expansion and then went under due to the corona pandemic and the war in Ukraine.

Shareholders get nothing
After a partial sale to a Thai investor, planned to reduce debt, failed at the end of 2022, a rescue plan was agreed 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 issued. no longer mentioned. The old Leoni shares became worthless upon registration of the new shares in the trade register. Shareholder protectors criticized this.

As part of the restructuring, the creditor banks waive claims of more than EUR 708 million. In return, they should receive 45 percent of the dividend once Leoni is profitable again and can pay dividends.

Source: Krone

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