Russian billionaire Viktor Vekselberg’s constellation of Swiss industrial companies got hammered Monday by investors after the U.S. imposed sanctions on the oligarch and his Renova Group investment vehicle.
Renova owns stakes in three Switzerland-based equipment manufacturers, Sulzer, OC Oerlikon and Schmolz + Bickenbach, as well as a holding in United Co. Rusal, the giant aluminum producer owned by Oleg Deripaska, another billionaire hit by the measures. Shares in the companies tumbled even as Vekselberg, 60, took steps to lower his stake in Sulzer to below a majority in a bid to insulate the company.
The U.S.