Porr CEO in takeover offer for company
10 October 2012
An investment company owned by Karl-Heinz Strauss, the CEO of Porr, is to make a full takeover offer for the Austrian contractor after acquiring a controlling stake.
Mr Strauss’ SuP Beteiligungs investment company increased its stake in Porr to 44% after buying shares from UniCredit Bank Austria. Under Austrian law, Mr Strauss is now obliged to make a compulsory offer for Porr.
The contractor confirmed that the public offer by SuP Beteiligungs should close by the end of October, but did not provide any details of the offer.
Vienna Stock Exchange-listed Porr employs over 11,000 staff and reported revenues of €2.2 billion in 2011.
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