Hertz becomes Armatura's main shareholder

Herz Armaturen from Austria has become the main shareholder in household tap manufacturer Armatura Cluj-Napoca. This was the result of a capital increase operation in which the Employee Association, which before the capital increase owned the biggest interest in Armatura, did not participate. Prior to the increase, the Employee Association held 40’% in the company. As a result of the capital increase the Employee Association share shrank to 20%. At the same time, Hertz’s share rose to 44.7%. “At the General Meeting, the Employee Association decided not to subscribe because it would have entailed a financial effort it could not afford to make,” explained Petru Turc, Armatura’s chairman of the Board. He added that, as far as Herz plans were concerned, the Austrians were not necessarily looking to obtain a majority in Armatura, putting further development of the company before that. According to capital market legislation, after exceeding 33%, Hertz will have to put out a tender offer to obtain the remaining part of Armatura it does not own. ZF