* Ex-admnistrative board chief makes offer with consortium
* Offer worth 750-800 mln eur - source
* CEO says examining offer but does not fit company strategy
(Adds CEO comment, shares, background)
By Georgina Prodhan
VIENNA, April 16 The former administrative board
chief of Austrian real-estate firm Conwert has made an
offer for the company's German portfolio together with a
consortium of investors.
A source with knowledge of the matter said the offer was
worth about 750 million to 800 million euros ($1.04-1.11
billion), corresponding to the net asset value of the German
business, and that the consortium was led by a major U.S.
The offer was made just after Johannes Meran left the
administrative board and the company on March 26, the source
said on Wednesday.
Meran and Conwert Chief Executive Clemens Schneider
confirmed the offer existed but declined to go into details.
Schneider told Reuters: "We can confirm we got an offer. We
are in the process of examining it in detail, but it does not
correspond to the strategy the company has communicated."
Shares in Conwert, whose market capitalisation is 829
million euros, rose 1.0 percent to 9.80 euros by 1145 GMT.
Conwert held inconclusive talks with at least one other
party last year to sell its German business, which accounts for
about two-thirds of its portfolio.
It has said since that residential properties and apartment
buildings in Austria and Germany are its primary focus.
Conwert has been through upheaval in the past months,
culminating in the resignation of Meran, who had been criticised
for his dual role as administrative board chief and effective
head of operations while the company had no CEO.
Schneider was installed as CEO in February.
Rebel investor Alexander Proschofky, a critic of Meran, has
told Reuters he is putting himself forward as a director to curb
what he sees as too great an influence on the company by major
shareholder Hans Peter Haselsteiner.
($1 = 0.7234 euros)
(Editing by Michael Shields)