Austrians forced to sell 11.7% of Armatura Cluj

The Austrian company Herz Armaturen will sell 11.7% in the manufacturer of taps for household use Armatura Cluj-Napoca, out of its current 44.7% stake. The 11.7% stake is now worth over 0.5 million euros on the Stock Exchange. The National Securities Commission (CNVM) has recently issued an ordinance by which it forces the Austrian company Herz Armaturen to sell this stake because it had exceeded the 33% mark without making a tender offer. Representatives of the Austrian company stated they would challenge CNVM’s ordinance in court, but would sell the 11.7% stake nonetheless. “We consider CNVM’s decision to be incorrect and therefore, we will challenge this ordinance in court. We want to be covered however, in case the court’s ruling is not in our favour and we will sell the shares that exceed the 33% mark,” stated Maximilian Gessler, representative of Herz Armaturen at Armatura Cluj-Napoca.