British risk capital investor ART Investments is buying shares in the VSŽ steel making group from financial investors Istrokapital and J&T, and by the end of the month should have a 17.5 per cent stake in VSŽ.
The firm, which is working in tandem with the Slovak corporate raider Penta Group (which now owns 31.8 per cent in VSŽ) will thus soon together control a majority stake. Penta has already announced plans to break up the VSŽ group’s over 20 firms and sell them off.
Košice investor US Steel, meanwhile, has lost interest in VSŽ since being submarined in a deal for VSŽ shares last Christmas. On that occasion, Penta, J&T and Istrokapital took an over 21 per cent stake one hour before the end of trading even after the Economy Ministry had agreed to delay the sale.
Compiled by Tom Nicholson from press reports.
The Slovak Spectator cannot vouch for the accuracy of the information presented in its Flash News postings.
19. Nov 2002 at 11:16