ZURICH (Reuters) - Swiss steelmaker Schmolz+Bickenbach (S:STLN) has received a demand from its biggest shareholder Liwet Holding for an extraordinary meeting to throw out its board of directors.
Liwet, which holds 26.9% in the company, wants to oust the four current members of the board, including chairman Jens Alder, Schmolz+Bickenbach said on Tuesday.
Liwet, an investment vehicle of Russian oligarch Viktor Vekselberg, has proposed Juergen Geissinger as the company's new chairman along with three other executives to join the board.
Schmolz+Bickenbach, which last week unveiled a capital increase of up to 350 million Swiss francs ($351.90 million)after being hit by plummeting orders, acknowledged the proposal, said it will inform about the next steps in due course.
Under the company's rules a shareholder needs 10% of its stock to call an EGM. Decisions are then made by a simple majority.
($1 = 0.9946 Swiss francs)