AMAG Rises on Report JPMorgan May Sell Stake: Vienna Mover
AMAG Austria Metall AG (AMAG) rose to the highest level in almost eight months on a report that JPMorgan Chase & Co. may sell its remaining stake in the Austrian aluminum producer.
Shares increased 4.5 percent to 18.155 euros at the 5:30 p.m. close of trading in Vienna, the highest since May 18. AMAG has advanced 15 percent this year, valuing the company at 640 million euros ($840 million).
One Equity Partners LLC, JPMorgan’s buyout arm, is in talks to sell its 34.5 percent stake in AMAG, Oberoesterreichische Nachrichten reported on Feb. 4, without saying where it got the information.
One Equity is negotiating with several potential buyers including Raiffeisenlandesbank Oberoesterreich AG, which acquired an 11.5 percent stake in AMAG’s initial public offering last year, and B&C Industrieholding GmbH, the Linz, Austria- based paper said. A sale may take place in a few weeks, according to the report.
AMAG will report “very good” profit that beat expectations and a “nice” dividend in early March, OOeN also reported, citing unidentified people in the company’s supervisory board.
To contact the reporter on this story: Zoe Schneeweiss in Vienna at zschneeweiss@bloomberg.net
To contact the editor responsible for this story: Boris Groendahl at bgroendahl@bloomberg.net
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