ZURICH (Thomson Financial) - Renova Industries Ltd. declined to comment on Swiss technology group OC Oerlikon Corp. AG.'s decision not to register Renova's additional share stake of around 10 percent in OC Oerlikon's share register.
OC Oerlikon Tuesday said its board decided to 'provisionally refuse' Renova's applications to have the additional shares entered in the share register, saying they 'raise various ownership and merger control-related questions which have not yet been fully clarified.'
The company said the board would reconsider the issue once the remaining questions have been adequately clarified.
Renova, owned by Russian incheersvestor Viktor Vekselberg, had recently hiked its holding in the Swiss technology group to 31.99 percent.
Should Renova fail to register its entire holding, the company is unlikely to have the necessary voting rights at the upcoming AGM on May 13, 2008, to succeed in its bid to block OC Oerlikon's move to scrap its so called opting-out clause.
The clause forces shareholders who hold a third of the Oerlikon's shares to make a public tender offer for the remaining shares.
According to analysts, Renova's 32 percent stake already gives the company control of the OC Oerlikon's management without being forced to buy the entire group. andrew.ge.thompson@thomsonreuters.com at/hjp COPYRIGHT Copyright Thomson Financial News Limited 2008. All rights reserved. The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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