FELDKIRCHEN NEAR MUNICH (dpa-AFX) – The German building materials group Steico (STEICO SE) will in future belong to the Kingspan Group. Schramek GmbH, which currently holds a 61.1 percent majority, has signed an agreement with its Irish industry colleague to sell 51.0 percent of the shares to Steico, the German group announced on Monday evening. The remaining 10.1 percent will initially remain with Schramek. Through the cooperation with Kingspan, Steico expects sustainable synergy effects in market development as well as significant impetus for further growth.
As a precaution, it is pointed out that the majority sale of
Shares in Steico do not lead to the need for a takeover bid
with regard to the remaining shares, it said. Reason is that Steico only
traded over-the-counter and therefore the provisions of the
Securities Acquisition and Takeover Act would not apply. Nevertheless, the Steico shares on the Tradegate trading platform increased by more than six percent in an initial reaction compared to the closing price in the Xetra main business
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