Czech billionaire Radovan VĂtek is poised to take control of the most profitable arm of Orco Property Group – Orco Germany – which recently changed its name to GSG Group. VĂtek wants to fold his company, CPI Group, into GSG Group in exchange for 2.47 billion new ordinary shares, which would increase his stake in the company to 85 percent, according to Reuters. The share price is €0.47. VĂtek currently holds a 25-percent stake through his company Gamala.
VĂtek will have to offer the group’s minority stakeholders as well as its former majority shareholder, Orco Property Group, buyout packages. VĂtek holds a 30-percent stake in Orco Property Group. The deal is still subject to regulatory approval.
