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| Wienerberger received approval for Tondach acquisition The world's largest brickmaker, Austria's Wienerberger, has received the approval of the responsible cartel authorities for the takeover of a further 25% stake in Tondach Gleinstätten as part of a stock swap with the now former joint venture partner Monier. Wienerberger and Monier previously held common investments in the roof tile business through two joint ventures that were focused on Eastern Europe. This transaction will give Monier 50% of the shares in Bramac, and thereby the concrete roof tile business, while Wienerberger will receive a further 25% stake in Tondach Gleinstätten as well as an additional cash payment. Wienerberger will then hold 50% of the shares in Tondach Gleinstätten; the remaining 50% will remain under the ownership of two families. Accordingly, Wienerberger will deconsolidate Bramac as of June 30, 2011 and Tondach Gleinstätten, which was previously accounted for at equity, will now be included in results on a proportionate basis of 50%. Tondach Gleinstätten has been expanding eastward since 1992 and is now well-positioned on the clay roof tile market in Central and Eastern Europe with 19 plants in 11 countries. In 2010 the company generated revenues of approx. € 180 million with 2,327 employees. write your comments about the article :: © 2011 Construction News :: home page |