When two quarrel, the third rejoices
Mr Kowalsky’s about-face took many Germans by surprise. Could this be the same Mr Kowalsky who last August brushed aside criticism by saying that his lemonade deserved to be the most expensive of its kind?
Bionade is a non-alcoholic beverage made from fermented cereals and has enjoyed cult status among Germany’s consumers, despite attracting competition from a host of me-too products.
However, Bionade’s cult-status never translated into riches for Mr Kowalsky and his family of brewers who invented the beverage. They have been on the brink of bankruptcy several times – the last time in 2004 when they sought a partner in the Egon Schindel Holding. For a 51 percent stake in Bionade, the Egon Schindel Holding, which also owns several mineral water brands, provided Bionade with a credit of EUR 380,000, it was reported.
According to unconfirmed reports, the Egon-Schindel Holding is in dire financial straits. Its bankers are pushing for a sale of its stake in Bionade in order to reduce debt.
Some rumours say that Egon Schindel’s stake in Bionade has been valued at EUR 70 million, whereas others say it’s worth EUR 20 million only.
In July, Egon Schindel Holding denied the allegations.
In any case, Mr Kowalsky does not have the money to buy out his partner. Others do, though. Pepsi and Coca-Cola have long shown an interest in Bionade. Perhaps this time one of them will get lucky.
