July 16, 2012 / 4:33 PM / 5 years ago

Bank Austria's B&C sells Porr stake to CEO Strauss

VIENNA, July 16 (Reuters) - A foundation set up by UniCredit Bank Austria has agreed to sell its stake in Austrian construction group Porr to Chief Executive Karl-Heinz Strauss, making him the biggest shareholder in the company, Porr said on Monday.

Porr and Bank Austria did not confirm the value of the deal but Austria's Der Standard newspaper estimated that Strauss and his investment partners had paid 80 million euros ($98 million) to buy the 37 percent stake from the B&C foundation.

If the deal goes through, Strauss's investment company will own 44 percent of voting rights in Porr, a level which would normally oblige a buyer to launch a full takeover offer.

A spokesman for Porr said the deal would only be completed if Austria's takeover commission made an exception to this rule, allowing Strauss to own the stake on the same terms as B&C. ($1 = 0.8167 euros) (Reporting by Georgina Prodhan; Editing by David Cowell)

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