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| Austria's VCP to seek CEE investment targets after exiting Hungarian petrochemicals TVK |
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BUDAPEST. FEBRUARY 28. INTERFAX CENTRAL EUROPE – Austrian financial investor VCP Capital Partners will continue to look for investment opportunities in Central and Eastern Europe after the sale of its 31.56% stake in Hungarian petrochemical producer TVK, VCP said in a statement Wednesday.
"We will continue investigating new investment opportunities in the CEE region including Hungary, to which VCP remains committed," VCP Senior Partner Heinrich Pecina was quoted in the statement.
On Tuesday, VCP – through its subsidiary CE Oil & Gas – sold its entire 31.56% stake in TVK to an offshore company held by Hungary's top oil company MOL, which already held a majority stake in TVK prior to the transaction and now holds over 84% of the company.
While the value of the sale was not disclosed, the TVK share packet was worth approximately HUF 57 bln (EUR 225 mln) calculated at Tuesday's closing prices of HUF 7,480 on the Budapest Stock Exchange (BSE).
VCP acquired a 15.99% stake in TVK in 2000, when the share price was just above HUF 4,000, and a further 15.4% in 2004, when the prevailing market price was around HUF 5,500. VCP said that taking advantage of "highly favorable" market conditions and business environment, it has decided to sell its entire stake in TVK.
"VCP had been mulling exit for some time and considered all options available, including a stock exchange exit modeled after the successful re-IPO of [Hungary's top chemical firm] BorsodChem in 2004," VCP said, referring to the sale of a more than 60% packet in BorsodChem by VCP in that year on the BSE.
"However, conditions were such that VCP eventually resorted to a direct sale, and after negotiating with several potential buyers in recent months, VCP opted for the best offer made," the company said.
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Quelle: Interfax; 20070228 |
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© VCP AG 2010
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