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S&T Advances on Plans to Merger With Quanmax

S&T System Integration & Technology Distribution AG advanced in Vienna trading after the Austrian IT company agreed to merge with rival Quanmax AG.

S&T rose 3.9 percent to 2.65 euros in the Austrian capital, climbing for a second day.

The companies said yesterday after markets closed that S&T holders would get 259 Quanmax shares for 200 S&T shares, valuing S&T at 8.35 euros a share and Quanmax at 6.45 euros a share. The companies see non-recurring and restructuring costs at less than 1 million euros and savings in 2013 at 3 million euros, they said. The merger is expected to close this year.

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