March 23, 2018 / 8:07 AM / a month ago

MEDIA-Signa owner Benko to buy 10 pct stake in S Immo - Der Standard

VIENNA, March 23 (Reuters) -

* Austrian property developer Rene Benko will announce the purchase of Vienna Insurance’s 10 percent stake in S Immo within days, Austrian daily Der Standard says, citing a “reliable” source

* Benko already has the option to buy a 21.8 percent stake in S Immo from investor Ronny Pecik

* If Benko buys Vienna Insurance’s stake and takes up the option, he would have to make a mandatory takeover offer for S Immo

* Benko, which according to its website owns a big real estate portfolio with a gross asset value of more than 10 billion euros ($12 billion) via his Signa Holding, was not immediately available for comment

* Vienna Insurance said it was in the process of evaluating its S Immo stake. It will not consider a sale before it gets a concrete offer, a spokesman said, adding that “up until now there is none.” ($1 = 0.8116 euros) (Reporting by Kirsti Knolle Editing by Mark Potter)

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