Abstract
Nobel Industries, Sweden's largest chemical company, is struggling to survive, a victim not of chemical markets or technology, but of a real estate crash that caused the financial downfall of its major shareholder. The company now is scrambling to overcome the financial pressures that last summer and fall threatened its existence. A property boom in Sweden enticed financier Erik Penser, Nobel's chairman, into overextending his and Nobel's funds. When the bubble burst in the middle of last year, property-value and credit losses forced the financial reconstruction of Nobel Industries. A banking consortium, led by Swedish government-controlled Nordbanken, took over the company and forced Penser out. President and chief executive officer Anders G. Carlberg resigned, to be replaced by Ove Mattsson, head of Casco Nobel, one of the company's operating divisions. Amid threats that the company was to be dismembered and sold off, the banks put together a plan that would ensure the survival of Nobel ...
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a callDisclaimer: All third-party content on this website/platform is and will remain the property of their respective owners and is provided on "as is" basis without any warranties, express or implied. Use of third-party content does not indicate any affiliation, sponsorship with or endorsement by them. Any references to third-party content is to identify the corresponding services and shall be considered fair use under The CopyrightLaw.
