Sulzer,Renova won't have to make buyout offer-EBK

ZURICH, June 2 (Reuters) - Sulzer (SUN.S: Quote, Profile, Research, Stock Buzz) and its shareholder Renova will not have to offer to buy out other shareholders in Sulzer as the two do not form a single group, the Swiss Banking Authority (EBK) said on Monday.

The EBK said in a statement it denies the existence of an organised group between the Swiss engineering group and Renova, which is controlled by Russian billionaire Viktor Vekselberg.

EBK overruled a decision of Switzerland's takeover board from December, when Swiss regulators ruled that Renova and Sulzer itself would have to offer to buy out other shareholders if they together held more than a third of Sulzer shares.

Sulzer legally formed a single group with Renova, the Swiss Takeover Board said then.

Sulzer and Renova combined briefly held more than a third via shares and share options.

In Switzerland, most company bylaws say a takeover offer is mandatory if any group holds more than 33 percent of a company.

Sulzer, which makes pumps for the oil and gas industry and surface coatings for jet engines, appealed against the ruling of the takeover board and now said it was pleased with the decision of the EBK.

"The decision by the EBK confirms Sulzer's interpretation that the establishment of the formal relationship between the company and its currently largest shareholder is not related to or aimed at common control," Sulzer said in a statement.

Sulzer intends to comply and would not object against the decision, it added.

(Reporting by Eva Kuehnen; Editing by David Cowell)