Vienna Bourse plans no merger for BSE
The Vienna Bourse, which will soon become the biggest owner of the Budapest Stock Exchange, does not plan a merger of the Budapest bourse in the mid-term or the long-term, Vienna Bourse co-chairman Michael Buhl said in an interview with Hungarian business news broadcaster Gazdasági Rádió on Tuesday.
It is in everybody’s best interest that Hungary’s national stock exchange remain independent, as local bourses know their issuers and their investors best, Buhl said.
The Vienna Bourse announced last week it would purchase a 12.5% stake in the Budapest Stock Exchange (BSE) from UniCredit Bank Hungary to make it the stock exchange’s biggest owner with a 37.7% stake. If the bourse makes deals to buy the shares of other members of a consortium of financial companies that acquired a majority stake in the BSE in 2004 -- as business daily Napi Gazdaság reported it is in the process of doing -- its stake could rise to 68.8%.
The Vienna Bourse believes in the future and the further development of the BSE, which made its recent move to boost its stake in the bourse only natural when the opportunity arose, Buhl told Gazdasági Rádió. They will buy additional shares if the opportunity arises, he said. The Vienna Bourse is one of BSE shareholders and plans no major changes on the Budapest market, Buhl said adding that they fully support the BSE’s management and BSE CEO György Mohai.
Buhl said the resignation of BSE chairman Attila Szalay-Berzeviczy after UniCredit Bank Hungary (Szalay-Berzeviczy is also managing director of the bank) decided to sell its BSE stake to the Vienna Bourse was a logical step. Napi Gazdaság wrote in March that sources in Vienna say Buhl is eyeing the post of BSE chairman. (MTI-Econews)
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