Immofinanz picks CEO with stake in on-off merger target S Immo
Reuters
Published Apr 23, 2020 12:33
VIENNA (Reuters) - Austrian property group Immofinanz (VI:IMFI) on Thursday named investor Ronny Pecik as its next chief executive, a move that will fuel speculation about a merger with rival S Immo (VI:SIAG) since he owns stakes in both companies.
A tie-up has been on and off the cards for years as the companies look to create a stronger business and make savings.
They abandoned talks in November after failing to agree on a share exchange ratio. Immofinanz now says it is open to new talks, though the coronavirus pandemic complicates the timeframe.
In February, an investment vehicle partly owned by Pecik bought 10.7% in Immofinanz from Vice Chairman Rudolf Fries, who left the company in early March. Long-serving Chief Executive Oliver Schumy left shortly afterwards, citing personal reasons.
Pecik, a 58-year-old Austrian born in Croatia, and a partner hold around 14% in S Immo, and the two groups are already interlinked, with Immofinanz holding 29% in S Immo, and the smaller firm holding 12% in Immofinanz.
"Ronny Pecik is a leading entrepreneur and his many years of experience in executive and supervisory board positions carry a special strengthening of the executive board in challenging times like these," Immofinanz's supervisory board Chairman Michael Knap said in a statement.
"Further there is also a strong entrepreneurial responsibility grounded in the significant stake in Immofinanz," he added.
Pecik's term as chief executive lasts three years and begins on May 4, Immofinanz said.
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Written By: Reuters
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