Czech billionaire Radovan Vítek is poised to take control of the most profitable arm of Orco Property Group – Orco Germany – which recently changed its name to GSG Group. Vítek 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. Vítek currently holds a 25-percent stake through his company Gamala.
Vítek will have to offer the group’s minority stakeholders as well as its former majority shareholder, Orco Property Group, buyout packages. Vítek holds a 30-percent stake in Orco Property Group. The deal is still subject to regulatory approval.
