A minimal transaction has changed the majority structure at Vienna airport. According to a mandatory notification, the states of Vienna and Lower Austria each acquired four shares in the company, increasing their syndicated stake to 40 percent plus eight shares. Together with the Employees’ Foundation, which owns ten percent of the shares, these Austrian core shareholders now have an absolute majority in the company.
The largest shareholder to date, IFM, increased its stake a few months ago with a few shares above the 40 percent threshold and at the same time made an offer for the almost ten percent in free float. In addition, it was announced a few days ago that, contrary to previous statements, the share certificates are not managed by an Australian pension fund, but are allocated to a trust company in the Cayman Islands.
Usually, an increase in an interest of more than 40 percent leads to the obligation to make an offer for all other shares as well. However, in view of the shareholder structure and the governance situation at the airport, an exemption clause was in force, which meant that IFM was not required to make a mandatory offer. Now it remains to be seen whether the Takeover Commission will divide the increase equally in the two federal states.
Source: Krone
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
