Stefan Pierer Pierer Industrie AG expanded its position in Leoni and increased its share in the German auto supplier to 15 percent.
Pierer Industrie AG increased its stake in the ailing German automobile supplier Leonie. “The increase in the stake from 10 to more than 15 percent and the strengthening of the position as a major shareholder aims to express that Pierer Industrie supports the course that Leoni AG has taken to develop the company and focus on the wiring system business,” according to the company statement.
Share price Leoni (ISIN DE0005408884) Later attracted. Leone’s share increased by nearly 13 percent, placing it the top in the SDax Small Business Index. Shares have risen nearly two-thirds this year after the price jump, despite the 15 euro setback that shares cost in February.
Major contributor Stefan Perrier called in an interview with Bloomberg News that the cable and wiring system specialist should get more focused and faster. Leonie’s current share is assumed to be enough to get things moving. The Leoni package that Pierer is now holding is worth at least € 55 million on the stock exchange after recent price gains.
Leoni is in the middle of a major savings and renewal program and was also in the red in 2020. However, company president Aldo Camper believes that the company is on the right track out of the crisis. He wanted to ditch the company’s smaller wiring and cable division and focus on the larger wiring system division, but was ultimately clearly deficient.