Andritz builds Schuler stake to nearly 63.5 pct
VIENNA, June 4 |
VIENNA, June 4 (Reuters) - Austrian engineering group Andritz has acquired another stake of just under 10 percent in German peer Schuler AG since it made a 20 euro per share cash offer last week, Andritz said.
"Andritz now holds just under 25 percent of the shares in Schuler AG and, with the shares acquired previously and subject to approval by the anti-trust authorities, has access to just under 63.5 percent in total," it said on Monday.
The offer price valued Schuler at 594 million euros ($734.4 million), according to Reuters calculations. Schuler eased 0.7 percent to 20.15 euros by 1218 GMT, while Andritz fell 1.7 percent to 40.285 euros. ($1 = 0.8089 euros) (Reporting by Michael Shields; Editing by Jon Loades-Carter)
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