Vienna Stock Exchange in takeover of Prague bourse

11 November 2008

The Vienna Stock Exchange (VSX) has acquired a 92.4 per cent share in the Prague Stock Exchange, making it the bourse's new majority stakeholder, subject to regulatory approval of the deal.

In a statement, VSX said Prague's exchange is one of the biggest in central and eastern Europe, with 29 listed companies and total market capitalization of around €40 billion ($50.9 billion).

So far this year, the platform's average monthly trading volumes were €2.77 billion, it added.

The latest acquisition means VSX now owns a majority stake in three central and eastern European exchanges. Together with Oesterreichische Kontrollbank, it owns 68.8 per cent of Hungary's Budapest Stock Exchange and in June this year, it secured an 81.01 per cent stake in the Ljubljana Stock Exchange of Slovenia.

VSX chief executive officer Michael Buhl said he would be meeting with the management of the Prague exchange "over the coming weeks and months" to develop new strategies.

Founded in 1771, the VSX had a market capitalization of €59.8 billion at the end of October, with average monthly trading volumes of €13.2 billion.

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