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)