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Big Porr shareholder plans to sell stake: paper
June 5, 2012 / 6:32 AM / 5 years ago

Big Porr shareholder plans to sell stake: paper

VIENNA (Reuters) - A foundation set up by Bank Austria intends to sell its 37 percent stake in Porr AG (ABGV.VI), Austria’s second-biggest construction group, probably to existing large shareholders, newspaper Der Standard reported on Tuesday, without citing its sources.

It said UniCredit (CRDI.MI) unit Bank Austria would get 95 percent of the proceeds from a sale of the B&C Foundation’s stake, worth around 100 million euros ($125 million) at current market prices.

Standard said Porr shareholder Klaus Ortner could not boost his stake of nearly 30 percent without launching a formal takeover offer to other shareholders, while Porr chief Karl-Heinz Strauss was keen to boost his nearly 7 percent stake.

Turkey’s Renaissance group may increase its 10 percent stake, but Vienna Insurance Group (VIGR.VI) would likely reduce its 8 percent stake, it added.

Porr had no immediate comment. ($1 = 0.8003 euros)

Reporting by Michael Shields; Editing by Hans-Juergen Peters

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