Prague/Vienna - Contracts were signed Friday for the takeover of 92.4 per cent of the Prague stock exchange by the Vienna bourse, Vienna Bourse AG announced. The bourses were mum on the price paid for the takeover, but Czech media estimated the value of the Prague exchange at between 200 and 400 million euros (257-514 million dollars).
"The Prague bourse is an important partner for us and strengthens the already existing Budapest-Ljubljana-Vienna bourse axis," said Michael Buhl, the chairman of Vienna Bourse AG.
The Prague bourse, founded in 1992, currently lists 29 companies with a market capitalization of around 40 billion euros and in 2007 arrived at an average monthly revenue of nearly 3 billion euros.
The Vienna bourse sees the takeover as part of their Eastern European strategy and has already acquired majority stakes in the bourses in Hungary and Slovenia.
As soon as the Czech financial authorities approve the deal, details of future cooperation with the management of the Prague bourse will be published, said a spokeswoman for the Vienna exchange.
