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By
Reuters
Published
May 27, 2007
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Laxey says Implenia in takeover sights

By
Reuters
Published
May 27, 2007

ZURICH (Reuters) - Swiss construction group Implenia could be on the radar screen for a takeover, a major shareholder of the Swiss company was quoted as saying in a Sunday newspaper.

"We think there is a certain interest in Implenia," Roger Buehler, investment head and supervisory board member of hedge fund Laxey told Neue Zuercher Zeitung am Sonntag when asked if there was a buyer for Implenia.

Implenia could not be reached for comment.

Laxey raised its stake in Implenia to around 23 percent in April, a move Implenia described as a hostile act.

Buehler said Laxey considered plans by the Implenia board to grow abroad alone as risky.

"The supervisory board has developed a strategy that deviates strongly from the shareholders' interest," Buehler said.

"We have encouraged a strategic review to assess which scenarios and ways of co-operations with another European construction group could exist," Buehler said.

"In our view, there are enormous advantages of a strategic solution with a leading construction group," Buehler said.

Last year, Laxey played a major role in the takeover of Swiss textile machinery maker Saurer by Oerlikon, selling its 24.1 percent stake to the Swiss conglomerate after pushing for a strategy review at Saurer.

In 2006, Implenia had sales of 2.8 billion Swiss francs (1.15 billion pounds).

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