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Italy's UniCredit, Polygon seek arbitration on Bank Austria's price dispute

Nov 05, 2009 (M2 PRESSWIRE via COMTEX) --

5 November 2009 - Italian bank UniCredit (BIT:UCG) and disgruntled British hedge fund Polygon have decided settle by arbitration a dispute on the squeeze-out price paid to minority stakeholders of Bank Austria, Standard wrote on Thursday.

The Italian bank de-listed its unit Bank Austria from the Vienna Stock Exchange (VSE) on 21 May 2008, paying EUR129.4 (USD192.1) per every share owned by the minority shareholders.

The move incurred complaints, but most of them were later withdrawn.

However Polygon, which had some 5% in Bank Austria, still demands a price of above EUR300 per share. 

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