Autostrade buys 21.7 pct in Poland's Stalexport, may raise to 66 pct

Autostrade SpA said it will acquire 21.7 pct in Polish group Stalexport SA for 17 mln eur by subscribing to a capital increase, and may bid for 66 pct of the company at a later stage.

The initial stake will be for 34.2 mln newly-issued Stalexport shares at a price of 2 zloty each.

Autostrade said it may subscribe to a second recapitalisation, which would raise its stake to 50 pct plus one share, also at 2 zlotys each, for a total of 47 mln eur.

Once it passes the 50 pct threshold, Autostrade will be required by Polish law to launch a takeover offer for up to 66 pct of Stalexport's capital, it said.

The second capital increase is conditional on Stalexport shareholders' approval, the sale of the company's steel activities, and regulatory clearances.

Stalexport, a Warsaw-listed company, operates in the steel business and holds a concession to operate the Cracovia-Katowice motorway until 2027, it said.

Autostrade said it intends to keep Stalexport listed.

Autostrade and Stalexport are bidding for the construction and management of two new motorways in Poland, the Strykow-Pyrzowice and the Varsavia-Strykow, it said.

Unicredito Italiano SpA, West LB, and Core Investments Group are acting as advisers to Autostrade.

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