HCC to buy 66% stake in Karl Steiner

HCC said that the board meet convened on Monday approved the acquisition of 66 per cent stake in cash through issuance of fresh shares in Karl Steiner AG (KSAG) worth 35 million Swiss Francs. 

As part of the deal, HCC would acquire the remaining 34 per cent stake in KSAG from its sole owner Peter Steiner in 2014. “The shares will be sold at a pre-agreed price based on KSAG’s earnings achieved during 2010-2013,” HCC said. The deal is expected to close in the first quarter of the next fiscal, HCC said and pointed out that it is awaiting regulatory approvals in both countries.