Austria: VIG to Sell Stakes in Porr

People ♦ Published: January 9, 2014; 19:25 ♦ (Vindobona)

Listed Vienna Insurance Grop (VIG) downsizes its stake in Austrian construction company Porr, which is also listed at the Vienna Stock Exchange.

Austria: VIG to Sell Stakes in Porr / Picture: © Vienna Insurance Group / Luftbildprofis

CEO of Porr Karl-Heinz Strauss could get hold of up to 4.59 percent of stakes in the construction company and therefore significantly increase his influence. Until the year 2016 VIG plans on dramatically reducing its stake in Porr.

An option agreement of SuP Beteiligungs GmbH, the company attributable to both VIG and the CEO of Porr, enables both sides for the purchase and…