Autostrade to gain control of Poland's Stalexport with 51 mln eur investment

Autostrade SpA said shareholders in Poland's Stalexport SA have approved a capital increase reserved for Autostrade, in which it will invest 51 mln eur and gain control of Stalexport.

Last year, Autostrade invested 17 mln eur in acquiring 21.7 pct of Stalexport, which operates the Katowice/Krakow motorway, and via the capital hike this will rise to 50 pct plus one share, it said.

'We are honoured by the confidence that the private and institutional investors have wanted to agree to the capital increase reserved for us to obtain control,' said Autostrade CEO Giovanni Castellucci.

'Our plan is to leave Stalexport quoted on the Warsaw bourse and make it the motor of development of the motorway infrastructure network in Poland,' he said in a statement issued by the company.

Stalexport will enter tenders in Poland to construct new motorways and to manage existing ones, he said.

Under Polish law, Autostrade said it is required to bid for other shares in Stalexport, up to a maximum of 66 pct of the company.

Autostrade will acquire the 89.5 mln Stalexport shares at 2.2458 zlotys per share, it said, noting today's closing price was 4.95.

Source:forbes.com