Petrus Pushes for Talks on Immofinanz’s ‘Strategic Alternatives’
- Activist shareholder seeks talks with main owner CPI Property
- Immofinanz shares slump 4.9% in Vienna after initial rally
The activist’s proposal is the latest in a decades-long saga surrounding Viennese landlords.
Photographer: Ilmars Znotins/BloombergThis article is for subscribers only.
Petrus Advisers Ltd., an activist investor that built up a stake in Austrian landlord Immofinanz AG, is pushing to hold talks about “strategic alternatives” for the company with its main shareholder.
Petrus founder Klaus Umek, who spoke with reporters on Monday, said negotiations should begin with CPI Property Group SA. Potential options may include a spin-off, asset sales or reorganization, he said. The stock, which currently trades at €22.25, may be worth as much as €31 by next year, according to Umek.