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Vienna's Foreign and Bilateral Relations
Read the latest headlines about bilateral relations in the areas of economy, business, diplomacy, culture and tourism between Austria and its partners
VIG: Trouble at Romanian Subsidiary
The Austrian insurance group has reportedly lost millions due to illegal actions at one of its Romanian subsidiaries. Company representatives denied any misconduct.
July 27, 2011
Verbund Reports Drop in Group Result and Sale of French Poweo
The Austrian electricity group suffered from extraordinarily weak water supply in the first six months of the year. The stake in French Poweo will be sold to competitor Direct Energie.
July 27, 2011
Pankl Acquires US-Based Superior Crankshaft
The Austrian component supplier takes over 100% of the American crankshaft producer which was also founded by Gerold Pankl.
July 27, 2011
Kärntner Sparkasse Starts Withdrawal from Italy
The Carinthian regional bank is closing down two branches as a consequence of the economic crisis and new capital requirements.
July 26, 2011
Kapsch TrafficCom Wins Order in Portugal
The Austrian technology company takes over installation, technical operation and maintenance of an electronic toll collection system.
July 26, 2011
Verbund’s Sorgenia Starts Eco-Subsidiary in Italy
Sorgenia Green is planning to invest € 500m in geothermal energy and hydro power projects in the next five years.
July 26, 2011
Austrian Companies Looking for Acquisition Targets in Greece
Greece’s debt crisis offers opportunities for Austrian companies. They are especially interested in acquisitions of Greek subsidiaries in the Balkans.
July 25, 2011
Siemens Boss Peter Löscher to Stay until 2017
The Austrian manager will remain CEO of the German group for another five years. His contract will be extended until 2017.
July 25, 2011
Massive Increase in Municipalities’ Foreign Currency Debt
The amount of foreign currency debt has doubled since 2009 and surpassed € 2bn in February 2011. Swiss franc denominated loans accounted for almost 100%.
July 25, 2011
Kapsch TrafficCom Awarded Major Contract in the U.S.
The American subsidiary of the Austrian technology group won a ten-year contract for the operations of an electronic toll collection system in 14 states.
July 22, 2011
UniCredit Sees ATX at 3,200 Points in 12 Months
The bank’s analysts expect the Austrian stock index to recover within the next 6 to 12 months. Close links with Germany and Eastern Europe are seen as an advantage.
July 22, 2011
austriamicrosystems to Be Included in SIX Swiss Exchange’s SPI Middle Index Basket
Inclusion of the Austrian microelectronics and semiconductor manufacturer in the SPI Middle index basket becomes effective September 19, 2011.
July 21, 2011
Blue Chip Energy Filed for Insolvency
The solar cell producer has abandoned production today. Asian investors are said to be interested in an acquisition of the Burgenland-based company.
July 21, 2011
EVN Expands in Bulgaria
The Austrian electricity company invested € 5m in the construction of a solar power station in Bulgaria and increased its stake in a joint venture project in the country.
July 21, 2011
Immofinanz Generated New Funds in Russia
The Austrian real estate company reached an agreement on the refinancing of its logistics center in St. Petersburg. The new funds will be invested in further projects in Russia.
July 21, 2011
German Rail Cartel: Increasing Pressure on voestalpine
The German Federal Cartel Office made new inspections at a local subsidiary of the Austrian steel company. According to press reports, price fixing on the German rail market continued until 2011.
July 20, 2011
Hypo Alpe Adria Opens New Branches in Italy
The Carinthian bank is expanding its business in the neighboring country although the subsidiary will soon be in the hands of a new owner.
July 19, 2011
Verbund Sold Renewables Portfolio to Axa Private Equity
The Austrian electricity company disposed of Poweo’s renewable energy business as a step towards restructuring of its portfolio in France.
July 19, 2011
SensorDynamics Acquired by Maxim
The Styrian semiconductor company was sold to Nasdaq-listed Maxim Integrated Products. The American group will pay approximately $ 130m (€ 92.3m).
July 19, 2011
Stress Test: Erste Group and Raiffeisen Passed, Volksbank Failed
Volksbanken Group is the only Austrian bank that failed the stress test. Taking into account the measures that are currently being implemented, the core tier I ratio would be above the benchmark.
July 15, 2011
Gerhard Niesslein Becomes CEO of Orascom Development Holding
The Swiss-based town developer appoints Austrian Gerhard Niesslein as new CEO of the Group. Samih Sawiris remains Executive Chairman focusing on the firm's strategic development.
July 15, 2011
Erste Group Provided Financing for Hospital in Warsaw
The € 32m acquisition financing is the first private hospital financing in CEE of that size which has been closed by Erste Group and also a first in Poland for the bank.
July 15, 2011
VBAG and Sberbank Agree on Sale of VBI
After several months of negotiations the two banks have agreed on the main conditions of the sale of Volksbank International. The deal will be closed by the end of this year.
July 15, 2011
Austrian High Q Technologies Sold to US Company
The Austrian manufacturer of lasers is acquired by Californian Newport, a global supplier of advanced products and solutions in several technology fields.
July 14, 2011
Strabag Becomes Sole Shareholder of German Möbius
The Austrian construction company further expands its position in the German hydraulic engineering sector. A majority stake in Möbius had been acquired in 2007 already.
July 14, 2011
German LBBW Starts Sale of Property Portfolio – conwert Interested
An acquisition of the real estate portfolio is not affordable for the Austrian group. However, it might enter a partnership and take over the asset management.
July 13, 2011
OMV Announces Re-Development of Schiehallion Oil Field
A joint venture including the Austrian oil and gas company will spend € 3bn on a major re-development of the Schiehallion oil field to the west of the Shetland Islands.
July 13, 2011
OMV Closes Acquisition of Petronas Carigali
The Austrian oil and gas company purchased the exploration and production entity of Petronas in Pakistan. Strong growth potential is expected in the country.
July 12, 2011
Binder+Co Takes Over Italian Mechanical Engineering Company
Through the acquisition, the Austrian machine and plant manufacturer enlarges its portfolio and expands its sales network in the Mediterranean region.
July 12, 2011
Austria’s Exposure in Italy: € 16.5bn
Domestic banks’ exposure in the neighboring country is much greater than in Greece, but smaller than in Eastern Europe.
July 11, 2011
Strong Development of Exports in Austrian Machinery Industry
In the first three months of the year, Austrian enterprises exported machinery and metalware for € 6.04bn. Germany is the main trading partner of the industry.
July 11, 2011
Austrian dynaTrace Acquired by US Company
The global technology leader in APM solutions has been taken over by American Compuware. The transaction price amounts to $ 256m.
July 11, 2011
Palfinger Takes Over Russian Inman
The Austrian crane manufacturer acquires its leading Russian competitor. Inman will generate revenue of € 20m this year.
July 11, 2011
European Stress Test Results to Be Published on July 15
The test performance of 91 participating banks will be available next week. According to Moody’s, Austrian Volksbanken AG is at risk of failing the test.
July 8, 2011
OMV’s Petrom Makes Significant Gas Discovery
The Austrian energy group’s subsidiary made a gas discovery in Romania. Further appraisal drilling is planned to assess what may be the most important onshore gas discovery in the country in the last six years.
July 7, 2011
OTP Bank Shows Interest in Volksbank International
The Austrian Volksbanken AG found a second potential buyer for its Eastern European subsidiary. The Hungarian OTP bank wants to expand into the markets where VBI has a presence.
July 7, 2011
Plansee Group Achieved Sales Record
The Austrian provider of metallurgically manufactured products increased revenue by 46%. A new factory near Shanghai is scheduled to start operation in 2012.
July 7, 2011
S Immo Increases the Occupancy Rate of its Hungarian Portfolio
The Austrian real estate company’s Hungarian subsidiary leased out nearly 4,000 m² in the heart of Budapest. The vacancy rate was reduced to below 9%.
July 7, 2011
Casinos Austria Withdraw from Project in Liechtenstein
The Austrian gaming group had applied for the only casino concession in the principality. It now decided to give up its plans due to widely differing ideas of its partner.
July 6, 2011
Contractual Penalty for Kapsch in Poland
The Austrian technology group did not manage to finish work on an electronic toll collection system in time. Thus, the company will have to pay a contractual penalty.
July 6, 2011
Austrian Companies to Participate in Russian Research Center
The planned technology park will be home to up to 40,000 researchers. Twenty Austrian companies have expressed interest in participating in the project.
July 5, 2011
Sale of VBI to Be Signed in July
The Austrian Volksbanken Group and Sberbank have come close to an agreement on the sale of the Eastern European bank. The transaction price will be € 700m.
July 5, 2011
VIG Interested in Acquisition of Polish Warta Insurance
The Austrian insurance company might strengthen its position in the Polish market with the acquisition of a local company.
July 4, 2011
RHI: Plans for New Plant in the US
The Austrian producer of refractory materials intends to open a new factory in the US. In the long run, bricks for the North American market will be produced locally.
July 4, 2011
Verbund: Speculations about Increase in Sorgenia Stake
The Austrian electricity company might sell its shares in Poweo and instead acquire its joint venture partner’s stake in Sorgenia.
July 1, 2011
voestalpine is the Leniency Applicant in the German Rail Cartel
The Austrian steel company applied for leniency in the case of anti-competitive practices in the German rail tracks market. The group expects to be exempted from any fines.
July 1, 2011
Moody’s Gives Negative Outlook for Carinthia
Austria’s southernmost province received a negative outlook due to an increasing budget deficit, high debt and credit guarantees for Hypo Alpe Adria.
July 1, 2011
Kapsch TrafficCom Makes Important Step in Russia
A joint venture of the Austrian technology group has made it to the final stage of a tendering process for a Russian highway project.
July 1, 2011
Successful Start for RBI’s Direct Bank Zuno in Slovakia
18,000 Slovak customers have deposited a total amount of € 125m in the first six months since the bank entered the market in December 2010.
June 30, 2011
RBI: Acquisition of Polbank Stake Advancing
The Austrian bank has received anti-trust approval of the deal. Closing and operational merger are expected in Q4/2011 or Q1/2012.
June 30, 2011
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