For Herbert Bodner, Bilfinger’s interim chairman, the vote of confidence came just when he needed it.
On Monday, Cevian increased its shares in Bilfinger, an engineering and services group, from 20.2 to more than 25 percent.
Cevian, a Swedish investment firm, seems to believe in Bilfinger despite its battered image – and also in Mr. Bodner. Cevian’s support is rare, unfortunately for Mr. Bodner, who is leading the executive board until a replacement can be found.
Most investors are abandoning the company and Bilfinger’s share price has fallen from 61 to €50 since August 4. That was the day the supervisory board announced that changes had been made at the top.
Former politician Roland Koch had to step down after three years leading the executive board, and his predecessor, Mr. Bodner, switched for one year from the supervisory board to the executive board.