Austrian economic news in a flash

(The most important economic news in Austria from 21 September)  

Hydro power machinery provider VA Tech Wabag will launch an IPO in India via its local parent company. The subscription period is set for between September 22 and 27.

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Real estate company Immofinanz envisages the payment of EUR 0.10 as dividend per share for 2010, provided that the company manages to place a new convertible bond. The dividend will also depend on the stock price of the firm standing around EUR 3, CEO Eduard Zehetner told WirtschaftsBlatt. Peer Conwert, in its turn, plans to raise its dividend for 2010 to between EUR 0.20 and EUR 0.30 per share. CA Immo, the other major sector firm, also mulls over a dividend if the year develops well, but this will be seriously considered not earlier than 2011.

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Troubled multi-media firm webfreeTV.com will be delisted from the Vienna Stock Exchange as of October 31, the latter said. The move is reasoned with the continuing violation of the bourse's regulations for ad-hoc publications on behalf of the company. webfreeTV.com said it plans to fight with all legal measures against the delisting.
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The Austrian group of Italian insurer Generali closed the first half of 2010 with a premium income of EUR 1.38bn, up 5% in annual terms. The group's earnings soared 52% to EUR 77.8m. The results were mainly boosted by life insurance activities and BAWAG P.S.K. Versicherung registered the best performance within the group.
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Erhard Grossnigg, a specialist in revamping troubled firms, said he aims to take control in IT provider S&T. Apart from the acquisition of 25% minus one share in the frame of a capital increase, Grossnigg wants to take the 1m shares owned by insolvent financial group AvW. He plans to exercise his rights at the company in unison with the latter's CEO Thomas Streimelweger. Together they may control 68% in the company in the near term.
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OMV said it has agreed to acquire the gas exploration and production (E&P) business of Petronas in Pakistan. The move will allow the Austrian oil and gas major to boost its production in the Asian country to 25,000 boe by 2014 from 14,000 boe now.
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Real estate investor Conwert has secured a total of 90.38% in sector player ECO Business-Immobilien AG and now plans to revamp its management.
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The prosecution has drawn out the charges against Wolfgang Auer-Welsbach, the CEO of collapsed AvW, accusing him of heavy fraud, embezzlement and damages for some EUR 450m. If pronounced guilty, the manager could face up to 10 years imprisonment.