Strabag to buy-out German shareholders

Austria-based Strabag SE has announced an offer to acquire the 33.4% it does not already own in German subsidiary Strabag AG. It is offering € 260 per share for a total of € 347 million by means of a voluntary public offer.

Shares in Strabag AG closed at € 244 on 6 May, the day before the offer was announced. The price of € 260 represents a 6,5% premium on this closing price, However, Strabag AG's shares traded as high as € 304 last summer, prior to the global credit crisis.

In other news, Strabag has acquired a small Swiss contractor, confusingly named StraBAG. The company employs 168 people and is active in the Zurich area. Last year it had sales of € 27,6 billion.