Union Group will take a partner
Article Abstract:
Union Group (UG) (Ostrava, Czech Republic), financial group, will have 34% stake acquired by a group of natural persons from the UK. The entrance of the partner should be another step within the restructuring of the group UG and Union banka (UB) (Czech Republic). The proceeds from the sale will be used for the strengthening of UB's financial stability. That is why UG sells its further companies. Recently, the group sold Vojensky otevreny penzijni fond (Czech Republic) for about CEK 2.7 bil. The sale of Bank Przemyslovy (BP) (Poland) is in the advanced phase currently. UG could receive about CEK 1 bil for BP. UG is also preparing the sale of Union pojistovna (Czech Republic). The volume of problematic credits at UB was about CEK 5.5 bil. The bank had granted credits to its shareholders for the acquisition of individual companies before. Risks from the credits will be fully covered after the sale of the companies. UB should be sold to a strategic partner after the restructuring.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Expandia sells the textile firm Vlnap to a German company
Article Abstract:
Vlnap (Nejdek, Czech Republic), woolen yarn manufacturer, has had a 80.5% stake acquired by the textile company Wagenfelder Spinnereien (WS) (Germany). WS bought the stake from the financial group Expandia (Czech Republic). WS should provide Vlnap with the know-how and investments in modernization and should move a part of manufacturing from abroad to the firm. This should ensure the growth of Vlnap's proceeds. In 2000 Vlnap decreased its debts and ensured its financial stabilization. It closed four plants and concentrated all its production to Nejdek within the restructuring. The firm decreased the number of its employees by 1,000 to the current 560 persons compared to Sep 1998. Vlnap saw a loss of CEK 27 mil in 2000 compared to a profit of CEK 5.3 mil in 1999. A reason for the loss was the formation of rectifying items. The firm's proceeds decreased by CEK 17 mil to CEK 410 mil in 2000 compared to 1999.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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Offers for KB will be known in Apr 2001
Article Abstract:
Komercni banka (KB) (Czech Republic), bank, should have a new owner by the end of 1H 2001. HypoVereinsbank (Germany), UniCredito (Italy), Societe Generale (France) and Credit Agricole (France) are interested in a 60% state stake in KB. The Ministry of Finances and KB estimate the price for the state stake at about CEK 40 bil. Analysts expect the sale to yield about CEK 25 bil.
Publication Name: Mlada Fronta Dnes
Subject: Business
ISSN: 1210-1168
Year: 2001
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