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Austrian Market Headlines and Analysis

Novomatic Takeover of Australian Rival Delayed

The planned investment of the Lower-Austrian gambling group Novomatic in the Australian rival Ainsworth Game Technology has been delayed. Ainsworth will postpone general assembly scheduled for June 3 by up to 30 days. It is at the meeting that shareholders are supposed to approve the deal.

Yesterday

C.A.T Oil AG Will Be Renamed to Petro Welt Technologies AG

The listed Austrian provider of oil field equipment C.A.T. oil AG will in the future be called Petro Welt Technologies AG. The management and the supervisory board of the company want to recommend this move to the shareholders at the general assembly on June 17 in Vienna.

Yesterday

EVN Expands Drinking Water Segment in Lower Austria

Listed energy supplier EVN is expanding its potable water segment in Lower Austria, the management announced during the half-annual press conference. The company advocates a strong stabilization of power grids.

Yesterday

Vienna to Set Stricter Rules for Tourist Accommodation

The renting of vacant rooms or flats via online platform Airbnb is becoming increasingly popular, also in Austria. Vienna wants to impose some restrictions and obligations on landlords and agents, namely they should provide data and pay taxes and fees. The tourism promoting act of the province of Vienna is to be amended accordingly by the province parliament, the amendment is currently being evaluated.

Yesterday

ÖBB and Quehenberger Merge Mixed Cargo Segments

Österreichische Bundesbahnen (ÖBB) and Salzburg logistics group Quehenberger are merging their mixed cargo business. ÖBB Holding will release a 40 percent stake in subsidiary European Contract Logistics (ECL) to Quehenberger Logistics to that end.

Yesterday

FACC Reeling in Shock After Firing of CEO

Austrian aviation group FACC is going through a lot of change at the moment. After discovering in January, that due to embezzlement the company account had been drained of millions of euros, the CFO was sacked in February. Now the supervisory board, manned mostly by Chinese who control the company, decided to give the sack to the founder and CEO Walter Stephan. This came as a huge shock to the staff.

Yesterday

Voestalpine Invests EUR 300 Million in Linz this Year

Upper Austrian steel group Voestalpine is going to invest in 2016 some EUR 300 million (USD 334.4 million) in the Linz-based facility, board member Herbert Eibensteiner estimated, a press report indicates.

Yesterday

European Court of Justice Looks into Heta Haircut Dispute

The European Court of Justice (CJEU) is looking into a preliminary question on Heta debts and the bond haircut. The court will have to determine whether debts with a public guarantee can be subject to a haircut at all. The commercial court in Vienna, which has referred the question to the CJEU, spoke of interpretative uncertainty.

Yesterday

Valartis Posted Loss in 2015

Ailing Swiss private banking group Valartis closed in the red again last year: the loss totaled CHF 58.4 million (USD 58.9 million / EUR 52.6 million), which was slightly less than in 2014 (CHF 73.3 million). Operating loss deteriorated. Austrian Wiener Privatbank took over significant business areas of Valartis Bank in Austria as of 1 April 2016.

May 24, 2016

Franz Wolfahrt Stands in Civil-Law Trial Concerning Disputed Payments

In the civil-law trial concerning disputed payments to lobbyists Walter Meischberger and Peter Hochegger, former CEO of gambling company Novomatic, Franz Wolfahrt, once again confirmed that such payments were made in connection with the targeted loosening of gambling law in 2006, although he stressed that adequate services were provided in return.

May 24, 2016