Amag goes to its lowest level since early 2017

Amag goes to its lowest level since early 2017

Ranshofen / VIENNA. Amag-Mutter, the private foundation B & C, puts an end to all business relations with Bank Austria.

Amag shares lost up to eleven percent of their value on the Vienna Stock Exchange yesterday. Yesterday, Amag-Mutter B & C Privatstiftung ended its commercial relations with Bank Austria, including those of Amag, Lenzing and Semperit.

Alois Wögerbauer, managing director of the fund subsidiary 3-Banken and Generali: "Everything that feels the automotive sector, believes the trade dispute with the United States, the punitive tariffs on aluminum and l 39; steel and worries about European economic growth weigh on Amag shares "will be punished. "In addition, the economic growth of companies has been revised several times in recent weeks.

The Amag newspapers recorded yesterday with high sales a price drop of up to eleven percent to 34.40 euros. Since early October, equities have lost more than a quarter of their value. Thus, the papers are at their lowest level since early 2017. Tomorrow Wednesday, the forge of aluminum will present its results for the first nine months.

The mother of Amag, the private foundation B & C, confirmed yesterday that she would terminate all business relations with Bank Austria. The background is a conflict between the foundation and the investor Michael Tojner. Tojner wants to take control of the B & C Private Foundation with partners and with the help of Bank Austria's mother UniCredit, who reported to OÖN. Wolfgang Hofer, boss of B & C, sees a "hostile takeover".

It's hundreds of millions

This concerns not only the accounts of B & C, but also those of Lenzing, Amag and Semperit, ie several hundreds of millions of euros. "We can not afford transactions where there is a risk that Milan will calculate between them at the last moment," Hofer said.

The B & C Foundation was founded in 2000 by Bank Austria and paid 1.2 billion euros to UniCredit in 2008 for the transfer of participation rights.

According to its own statements, B & C owns 50% plus two shares of Lenzing AG, 54.2% of Semperit AG and 52.7% of Amag Austria Metall AG.

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