China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
UPDATE 1-Audley to buy "significant" Meinl Power stake
(Writes through, adds detail, background)
VIENNA, Oct 13 (Reuters) - Financier Audley Capital Advisors aims to take a "significant" stake in Austrian energy investor Meinl International Power MPOW.VI and has agreed to buy the company managing it, Meinl Power said on Monday. Audley plans to continue Meinl Power's investment strategy but to focus more on "liquid investments" and "short-term capital gains", Meinl Power said in a statement.
The measures will be presented to Meinl Power shareholders at an extraordinary general meeting on Nov. 13, it said. It will also ask for approval to buy back around 3.8 million shares at the EGM, it said.
Audley has agreed to buy Meinl Power Management, the unlisted company which is seeking investment targets and manages them on behalf of Meinl Power, it said.
Meinl Power shares, which are traded only in one single daily auction, changed hands at 5.20 euros on Monday, giving the company a market capitalisation of 312 million euros ($425 million). (Reporting by Boris Groendahl; Editing by David Holmes)
