Porr CEO to make takeover offer for company

VIENNA Wed Oct 10, 2012 2:56am EDT

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VIENNA Oct 10 (Reuters) - The chief executive of Austrian construction group Porr will make a full takeover offer for the company after increasing his stake to 44 percent through the acquisition of shares from a UniCredit Bank Austria foundation.

The public offer by Karl-Heinz Strauss's investment company should close by the end of October, Porr said late on Tuesday, without giving details of the offer.

Strauss had originally wanted to buy the 44 percent stake without offering to buy the rest of the company but Austria's takeover commission decided he was obliged to make the full takeover offer. (Reporting by Georgina Prodhan; Editing by David Cowell)

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