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Raiffeisen lowers stake in Synergon before EGM

The Hungarian unit of Raiffeisen International Bank AG, an Austrian bank that does most of its business in eastern Europe, lowered its stake in Synergon Nyrt, a local computer-services company. Raiffeisen's holding fell to 14.8% from 15.01% on Aug. 15, the lender said in a stock exchange statement today. The Vienna-based bank had raised its stake from 12.48% a month ago. Synergon installs computer networks and sells technology to governments and corporate clients in Croatia, the Czech Republic and Hungary. Its shareholders will meet Sept. 8 to elect new management and supervisory boards after proposals at a meeting May 30 didn't garner enough support from investors.

Pannonplast Nyrt, a Hungarian maker of yoghurt pots and other plastic packaging, is seeking some control over Synergon after boosting its stake to 13.5% from 4.2% earlier this month. Synergon shares added 4.7% to Ft 950 as of 11:34 a.m. in Budapest today, valuing the company at Ft 9.1 billion ($42.6 million). The stock has been the benchmark BUX Index's best performer this year, gaining 87.9%. (Bloomberg)