AUSTRIA: DELAY IN STEYR, ZF DEAL

Article Abstract:

Although a letter of intent was signed in July 1999, Magna and Zahnradfabrik Passau (ZF) still have not reached final agreement on the sale of Magna's drive technology subsidiary Steyr Antriebstechnik (SAT) to the German company. According to a spokesman for ZF, the deal may or may not come through. SAT, which specialises in transmissions for agricultural machines, generates an annual turnover of just over Sch 1bn. ZF was to take over 720 of the 850 staff.

Germany, Motor Vehicles & Parts, Transportation Equipment Manufacturing, Magna, ZF Friedrichshafen AG, Steyr Antriebstechnik GesmbH

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AUSTRIA: BAWAG TAKE CONTROL OF HYPO-BAUSPARKASSE

Article Abstract:

Bawag, a big Austrian bank controlled by the trade union confederation OGB, and its shareholder BayernLB are taking a 51-70% stake in Hypo-Bausparkasse AG . From autumn 1999 Bawag will market Hypo-Bausparkasse home saving contracts instead of those of Wustenrot. The aim is to double Hypo's market share of 3% in the short term.

Savings & Loan Assns, Savings Institutions, Savings and loan associations, Bawag, Hypo-Bausparkasse AG

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Austria: ATB sale confirmed

Article Abstract:

The Austrian state association for industrial political measures (Gesellschaft des Bundes fur Industriepolitische Ma nahmen) is to sell motor producer ATB by the end of December 2001, which will complete the associations privatisation. The company could be sold to Mirko Kovats or Global Equity Partners, and employs 1,100 workers in Germany and Austria.

Motor and Generator Manufacturing, Motors and generators, Electrical Motors, Electric motors

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