Wienerberger AG recently announced it has received the approval of the responsible cartel authorities for the takeover of an additional 25% stake in Tondach Gleinstätten as part of a stock swap with the now former joint venture partner Monier. Wienerberger and Monier previously held common investments in the roof tile business through two joint ventures that were focused on Eastern Europe.
This transaction will give Monier 50% of the shares in Bramac, and thereby the concrete roof tile business, while Wienerberger will receive a further 25% stake in Tondach Gleinstätten, as well as an additional cash payment. Wienerberger will then hold 50% of the shares in Tondach Gleinstätten; the remaining 50% will remain under the ownership of two families. Accordingly, Wienerberger will deconsolidate Bramac as of June 30, 2011, and Tondach Gleinstätten, which was previously accounted for at equity, will now be included in results on a proportionate basis of 50%.
“We welcome the cartel authorities’ approval of the transaction,” said Heimo Scheuch, CEO of Wienerberger. “This step not only confirms the restructuring of the investments with Monier, but also completes the reorganization of our industrial portfolio. The increase in our Tondach Gleinstätten holding to 50% will strengthen our presence in clay roof tiles on the core markets of Central-East Europe and move us an important step closer to becoming a system provider for energy-efficient and sustainable construction.”
For more information, visit www.wienerberger.com