Not going down so well right now, what $MUX (+2,37%) has just published. I don't think it's an April Fool's joke.
Munich, April 01, 2026 - Mutares SE & Co. KGaA (ISIN: DE000A2NB650) has resolved, with the approval of the Supervisory Board, to carry out a capital increase against cash contributions in order to finance the next phase of international expansion in a targeted manner.
As part of the transaction, up to 4,269,651 new shares are to be issued, corresponding to up to 20% of the existing share capital. Mutares expects to raise gross proceeds of up to EUR 105 million upon full placement. Major shareholders have waived their subscription rights for up to 1,076,166 new shares. These new shares will initially be offered to institutional investors in private placements as part of an accelerated pre-placement immediately after the announcement.
Existing shareholders will be granted subscription rights at a subscription ratio of 5:1. This means that each free float shareholder of the company is entitled to acquire one (1) new share at the subscription price for every five (5) existing shares. The subscription period is currently scheduled for the period from April 8 to April 21, 2026 inclusive.
Mutares is using the funds from the capital increase to consistently drive forward the international expansion of its portfolio. The majority of the proceeds (around 80%) will be used in particular for further expansion in the USA, where there is a dynamically growing pipeline of attractive transactions, as well as for the development of new opportunities in Europe. The remaining funds (around 20%) will be used to strengthen the balance sheet.
The capital measure underlines Mutares' ambition to accelerate the increasing internationalization of its portfolio and to build new platforms with global scale. In North America in particular, there is currently considerable potential for value-enhancing transformation investments in attractive industries.
The timing is deliberate: With the acquisition of SABIC's ETP business signed in January and the expansion of the segment to include Chemicals & Materials, Mutares has built up strong momentum, which has led to significantly increased visibility in the market and noticeably intensified cooperation with key stakeholders such as banks, insurance companies and consultants. Mutares is making targeted use of this momentum to address the Group's currently largest transaction pipeline in the USA and to invest consistently in a highly attractive market environment.
In addition to the already active office in Chicago, Mutares is therefore planning to open a second office in the USA in order to maximize the potential offered by the US market. The current transaction pipeline in the USA includes attractive acquisition opportunities with a total sales volume of around EUR 4.8 billion.
With the planned capital measure, Mutares is strengthening its financial flexibility to consistently implement its ambitious growth targets for the coming years and to initiate the next phase of value creation. At the same time, the large and fragmented US market allows for an accelerated expansion and scaling of existing platforms through targeted add-on acquisitions. Following a successful transformation, the investments will benefit from a broad strategic group of buyers and structurally higher valuation levels, which will open up additional potential for value appreciation.
Furthermore, the expansion in the USA strengthens the geographical diversification of the portfolio and, in particular, complements the development of the new Chemicals & Materials segment, which is based on a globally scalable platform. Overall, this environment creates ideal conditions for sustainably accelerating Mutares' international growth strategy and realizing above-average returns.
Johannes Laumann, CIO of Mutares, comments: "The US currently offers an exceptionally attractive setup for us. Mutares can use its operational restructuring expertise in a targeted manner and structure transactions at attractive entry conditions, which, in combination with extremely attractive exit options on the US market, results in a correspondingly high potential for value appreciation. We are ready for the USA and want to play an identical role in the market for special situations there in the medium term as we do in Europe today; namely to become number 1."
