Merger and Acquisition between Eximbank and Sacombank

Hoa Sen University Restructuring and Firm valuation
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RESTRUCTURING AND
FIRM VALUATION
PROJECT:
MERGER & ACQUISITION
BETWEEN EXIMBANK & SACOMBANK


Lecturer: Mr. Ngo Huu Hung
Group:
Tran Thuy Anh 093404
Tran Dung 091821
Luong Thi Yen My 093420
Le Hoang My Thanh 091877
Nguyen Nhat Thien Truc 091900



- March 2013 -
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ACKNOWLEDGMENT
Thanks to Hoa Sen University, which gave us the opportunity to contact to the
reality by performing this project;

Especially thanks to Mr. Ngô Hữu Hùng – Lecturer of Project: Restructuring and
Firm evaluation for the devotion and the usefulness in the effort of helping us to
develop and accomplish this project;
Thanks to all the member of our group for the contribution of the idea of this
project; especially thanks to Ms. Trần Thuý Anh in giving advice of choosing company,
and thanks to all the corporation of the member of group;
Thanks to all the help, before and during the time of doing this project, that
were given to make our project completed, so it could be done successfully.
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ABSTRACT
Theory will be always far from the reality without practice, so in the desire of
being successful everyone must study simultaneously with practicing. Subject “Project”
in University is one of many ways of giving student an opportunity to approach the real
stuff that they will contact with in the near future. That is the reason for this project –
Restructuring & Firm evaluation.
In this project, we was searching, and studying the information related to the
performance of Sacombank and Eximbank – the two large banks in Viet Nam that have
stock listed on the market to make use of their figures to valuate their M&A
transaction, and also reviewing the knowledge that had been received from lecturer to
serve the demand of doing it.

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CONTENT
ACKNOWLEDGMENT ERROR! BOOKMARK NOT DEFINED.
ABSTRACT III
CONTENT IV
TABLE & CHART CONTENT VI
INTRODUCTION 1
1.OVERVIEW OF MERGER AND ACQUISITION (M&A) 2
1.1 DEFINITION 2
1.2 CLASSIFICATION 3
2. ISSUE IN MERGER & ACQUISITION 3
2.1. BUSINESS VALUATION 3
2.2. BUSINESS VALUATION IN MERGERS AND ACQUISITIONS 4
2.3. STEPS IN VALUATION 5
2.4. VALUATION METHODS 6
2.4.1. Accounting/Financial Ratios 6

2.4.2. Discounted Cash Flow (DCF) 7
2.5 LEGAL ISSUE 8
3. MERGER AND ACQUISITION IN THE WORLD. 10
3.1 OVERVIEW OF M&A IN THE WORLD 10
3.2 SOME TYPICAL M&A TRANSACTION IN RECENT YEARS 16
4. MERGER AND ACQUISITION IN VIET NAM 18
4.1 THE OUTBREAK OF M&A 18
4.2 M&A IN VIETNAM: LOCAL BUYERS MORE THAN FOREIGN BUYERS 20
4.3 THE RISKS AND DIFFICULTIES OF M&A IN VIETNAM 21
4.3.1 Risks in M&A 21
4.3.2 Negative impacts on the development of the economy 21
4.3.3 Negative impacts on the operation of the business 22
4.4 DIFFICULTIES OF M&A IN VIETNAM 22
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5. SPECIFIC CASE: M&A BETWEEN EXIMBANK AND SACOMBANK 23
5.1 OVERVIEW OF VIETNAM BANKING SECTOR IN 2012 23
5.2 VIETNAM EXPORT AND IMPORT COMMERCIAL JOINT STOCK BANK (EXIMBANK) 27
5.2.1 Eximbank – position in banking sector 28
5.2.2 Eximbank – SWOT analysis 28
5.3 SAI GON THUONG TIN COMMERCIAL BANK (SACOMBANK) 29
5.3.1 Establishment and development 29
5.3.2 Core values 30
5.3.3 Sacombank SWOT analysis 31
5.4.1 Circumstand of Sacombank in recent years 32
5.4.2 Context and causes of M&A and the performance 37
5.5 RESULT FROM M&A – STB-EIB AFTER THE TRANSACTION 42
5.5.1 Strategic cooperation 42
5.5.2 Changes in the new firm STB-EIB 43

6. CONCLUSION 45
SOURCE 47


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TABLE & CHART CONTENT
Chart Content
Chart 1: M&A in Viet Nam 18
Chart 2: Sacombank – shareholders structure before M&A 39
Chart 3: Shareholder structure after M&A 41
Chart 4: STB - EIB in the third quarter 2012 43
Chart 5: STB - EIB's Equity 44
Chart 6: STB - EIB Change in capitalization 45

Table Content
Table 1: M&A ranking - Worldwide 11
Table 2: M&A ranking - Europe 11
Table 3: M&A ranking - Asia-Pacific 12
Table 4: M&A ranking - South East Asia 12
Table 5: M&A ranking - North America 13
Table 6: M&A ranking - South America 13
Table 7: M&A ranking – Australia 14
Table 8: M&A ranking - Germany 15
Table 9: M&A ranking – Switzerland 15
Table 10: Top 10 M&A deals in 2011 (Source: Capital IQ) 19
Table 11: The M&A deals in quarter I/2012 19
Table 12: EIB Shareholders and Ownership 27
Table 13: Scombank - Shareholders and Ownership 31

Table 14: STB's Financial Statement 32
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INTRODUCTION
The year of 2011 was such a difficult one to the economy in Vietnam as there
were hardly the convenient channels to invest in, so that investors seem to be much
more careful and cautious in choosing one to put their money in. 2011 was also a year
of restructuring the economy and preparing to the stability development in the next
few years, so that companies, firms, corporations would prefer to merge with or to
acquire each other for reducing the risk of cost and investment, and make use of the
cooperation.
Merger and Acquisition are not innovative in the world, it has happened since
very long time and still remain now, it has implemented in every areas, in banking
sectors as ABN Amro and Barclays PLC of England, Mitsubishi Tokyo Financial Group
and UFJ Holding, or in Technical System as Antel of U.S and TPG Capital and Goldman
Sachs, or Car manufacturing as Chrysler and Fiat, Volkswagen and Porsche in Europe…
The outcome can be successful, or failure, but even then, it still creates a lesson.
The importance of the Banking system to a Country is that it would impulse or
slows down the whole economy by its movement. Merger or Acquisition of two or
more banks will generate positive and even negative impacts to the society, but no
matter what it will bring, each M&A has its own reasons, but its results and
consequences can be predicted. In this project, we present that of the M&A
transaction between Sacombank and Eximbank, included the reasons, performance,
and expected results.
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1.Overview of Merger and Acquisition (M&A)
1.1 Definition

M&A (Merger and Acquisition) activity is to gain control of a business, a
department business through the ownership of part or the entire enterprise.
Thus, the basic principle of M & A is to create new value for shareholders that
the old status is not achieved. In other words, M & A related to issue of
ownership and property rights to change or create new value to shareholders. M
& A activity is not only changing the ownership of a business for the shares or
assets, but also changing activities management and administration of the
business. However, the level of changing depends on the provisions of the laws,
regulations and enterprise agreements between the parties.
The main difference between a merger and an acquisition lies in the way
in which the combination of the two companies is brought about. In a merger,
there is usually a process of negotiation involved between the two companies
prior to the combination-taking place. But in an acquisition, the negotiation
process does not necessarily take place.
Some cases which M&A happened
- The basic principle: to acquire and merge, the new company must
create new value for the shareholders.
- About value: the company after conducting M & A must be greater
than the present value of both as a stand-alone company.
- About Competitiveness: Strong companies buy other companies to
create a new company with high competitiveness, decrease cost,
enlarge market shares
- Agreement: To conduct M&A effectively, most of shareholders must
agree to do.
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1.2 Classification
 Horizontal merger:
That happened between two companies, which directly compete each other

and share the same products and markets. Results from this merger will give the
opportunity to expand market, combine brand, and reduce fixed costs.
 Vertical Mergers:
Take place in the supply chain of enterprises, for example between a company
and its customer or supplier. Vertical Mergers are divided into two groups:
 Forward: when a company acquired its client‘s company.
 Backward: when a company buys back its suppliers.
 Market - Expansion Mergers: taking place between two companies that sell
the same products in different locations
 Product – Expansion Mergers: taking place between two companies that sell
different products in the same market.
 Group Mergers: taking place between two companies that is in different fields
but want to diversify their business.
2. Issue in Merger & Acquisition
2.1. Business valuation
This is a process and a set of procedures used to estimate the economic
value of an owner’s interest in a business. Valuation is used in financial market
to determine the price that participants are willing to pay or receive to
consummate a sale of a business.
In addition to estimating the selling price of a business, the same
valuation tools are often used by business appraisers to resolve disputes
related to estate and gift taxation, divorce litigation, allocate business purchase
price among business assets, establish a formula for estimating the value of
partners' ownership interest for buy-sell agreements, and many other business
and legal purposes.
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Elements of business valuation
 Economic conditions

A business valuation report begins with a description of national,
regional and local economic conditions existing as of the valuation date, as
well as the conditions of the industry in which the subject business
operates. State governments and industry associations often publish useful
statistics describing regional and industry conditions.
 Financial Analysis
The financial statement analysis generally involves:
 Common size analysis,
 Ratio analysis (liquidity, turnover, profitability, etc.),
 Trend analysis
 Industry comparative analysis.
This permits the valuation analyst to compare the subject company
to other businesses in the same or similar industry, and to discover trends
affecting the company and/or the industry over time. By comparing a
company’s financial statements in different time periods, the valuation
expert can view the growth or decline in revenues or expenses, changes in
capital structure, or other financial trends. How the subject company
compares to the industry will help with the risk assessment and ultimately
help determine the discount rate and the selection of market multiples
2.2. Business valuation in mergers and acquisitions
The increasing wave in business amalgamations started in the year
2008. Most of the recent mergers and acquisitions are in such areas like:
- The oil and gas,
- Textile,
- Insurance,
- Banking
- Conglomerates sectors of the economy.
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It is trite knowledge today that the world economy continues to be
shaped by the forces of globalization, deregulation, and advancement in
technology. All these forces combined tend to break barriers of trade and
control and thus, expose the economy to change and competition. M&A may
help to reduce this completion. Then the property must be valued so the
conditions of the transfer of the property can be determined.
With the present economic situation, some companies are now
experiencing serious cash flow problems, and these have made it difficult for
them to meet debt obligations to their bankers. Consequently, an increasing
number of companies are now faced with receivership and foreclosure threats
from their bankers.
2.3. Steps in valuation
 First step - Analyzing Historical Performance and Forecast Performance
 Evaluate the company’s strategic position, company’s competitive
advantages and disadvantages in the industry. This will help to
understand the growth potential and ability to earn returns over WACC.
 Develop performance scenarios for the company and the industry and
critical events that are likely to impact the performance.
 Forecast income statement and balance sheet line items based on the
scenarios.
 Check the forecast for reasonableness.
 Estimating The Cost Of Capital.
 Second step - Estimating The Cost Of Equity Financing
 CAPM
 The Arbitrage Pricing Model (APM)
 Estimating The Continuing Value
 Last step - Calculating and Interpreting Results
 Calculating And Testing The Results
 Interpreting The Results Within The Decision Context
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2.4. Valuation methods
2.4.1. Accounting/Financial Ratios
The key ratios in financial accounting may be helpful in analyzing
the value of business entity in merger and acquisition. This will assist to
condense huge amount of data in financial statements into a
manageable form in order to measure the company's performance.
 Profitability Ratios used in analyzing the profitability or return
that an enterprise earns on its investments. For example, trading profit
as a percentage of turnover, dividend per share, payout ratio which is
dividends/earnings, profit before interest and tax as a percentage of
average capital employed and, assets per share to assess the asset
backing of shares based on the value of the net assets divided by the
number of shares
 Market Value Ratios, which indicate how highly the firm is
valued by investors. This consists of the following:
 Price-earnings ratio (PFE) equal Stock Price over Earnings
Per Share.
 Dividend yield is given by Dividend Per Share divided by
Stock Price.
 Market to book ratio is expressed as Stock Price over
Book Value Per Share.
 Leverage ratio is also used to determine how heavily a
company is in debt. And, it is done through debt ratios and times
interest earned,
 Efficiency ratio measures how productively a company is using
its assets by comparing sales (revenue) to assets value.
 Liquidity ratio assesses how easily a company can lay its hand
on cash by examining the current ratio (assets).

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2.4.2. Discounted Cash Flow (DCF)
In a merger or acquisition, the acquiring firm is buying the
business of the target firm, rather than a specific asset. Thus, merger is
a special type of capital budgeting technique. What is the value of the
target firm to the acquiring firm after merger? This value should include
the effect of operating efficiencies and synergy. The acquiring firm
should appraise merger as a capital budgeting decision, following the
DCF approach. The acquiring firm incurs a cost (in buying the business of
the target firm) in the expectation of a stream of benefits (in the form of
cash flows) in future. The cash flows can be determined through profit
stream of the affected concern. Thus, merger will be advantageous to
the acquiring company if the present value, that is, the fair value, is
greater than the cost of acquisition.
The adoption of profit method in determining the cash inflows is
regarded as being specialist, with most values receiving only nominal
training in the method during their formal training.
In other words, the discounted-cash-flow approach in an M&A
setting attempts to determine the value of the company (or “enterprise
value”) by computing the present value of cash flows over the life of the
company. Since a corporation is assumed to have infinite life, the
analysis is broken into two parts:
 A forecast period: In the forecast period, explicit
forecasts of free cash flow must be developed that incorporate
the economic costs and benefits of the transaction. Ideally, the
forecast period should equate with the interval over which the
firm enjoys a competitive advantage (i.e., the circumstances
where expected returns exceed required returns). In most

circumstances, a forecast period of five or ten years is used.
 A terminal value: A terminal value in the final year of the
forecast period is added to reflect the present value of all cash
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flows occurring thereafter. Since it capitalizes all future cash flows
beyond the final year, the terminal value can be a large
component of the value of a company, and therefore deserves
careful attention. This can be of particular importance when cash
flows over the forecast period are close to zero (or even negative)
as the result of aggressive investment for growth.
2.5 Legal issue
The current regulations on corporate restructuring and mergers are
expressed in LAW ON ENTERPRISES 2005: CHAPTER VIII - Re-organization,
Dissolution and Bankruptcy of Enterprises). In particular, business re-
organization are conducted by one of the following forms, depending upon
owners decision:
 Division of enterprises;
 Separation of enterprises;
 Consolidation of enterprises;
 Merger of enterprises;
 Conversion of companies.
The above form of businesses re-organization mainly applies to Limited
Liability Companies (Ltd.), Joint-stock Company; Conversion can also apply to
Private Enterprises.
Merger of enterprises was stipulated in article 153 of this Law.
 According to Clause 1 of this Article of this Law – “One or more
companies of the same type (hereinafter referred to as merging
companies) may be merged into another company (hereinafter referred

to as the merged company) by way of transfer of all lawful assets, rights,
obligations and interests to the merged company and, at the same time,
termination of the existence of the merging companies”.
 According to Clause 2 of this Article of this Law – “Procedures for merger
of companies shall be stipulated as follows:
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Sub-clause (a) Merging companies shall prepare a merger contract and
charter of the merged company. The merger contract must have the
following main particulars: the name and address of the head office
of the merged company; the name(s) and addresses of the head
office(s) of the merging companies; the procedures and conditions
for the merger; the plan for employment of employees; the
procedures, time-limit and conditions for conversion of assets; for
conversion of shares of share capital, shares and bonds of the
merging companies to shares of capital, shares and bonds of the
merged company; and the time-limit for implementing the merger;
Sub-clause (b) Members, company owners or shareholders of related
companies shall approve the merger contract and the charter of the
merged company and register the business of the merged company
in accordance with this Law. In this case, the business registration
document shall include the merger contract. The merger contract
shall be sent to all creditors and notified to employees within fifteen
(15) days from the date of its approval;
Sub-clause (c) After business registration, the merging companies shall
cease to exist; the merged company shall assume the lawful rights
and interest and be liable for unpaid debts, labor contracts and
other property obligations of the merging companies”.
 According to Clause 3 of this Article of this Law – “In the case of merger

whereby the merged company holds a market share of between thirty
(30) per cent and fifty (50) per cent of the relevant market, the legal
representative of the company notifies the competition managing body
before carrying out the merger, unless otherwise stipulated by the law
on competition.
sCases of merger of companies whereby the merged company holds a
market share of fifty (50) per cent or more of the relevant market shall
be prohibited, unless otherwise stipulated by the law on competition”.
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3. Merger and Acquisition in the world.
3.1 Overview of M&A in the world
The definition of Merger and Acquisition is now popular in the world’s
economy; from the thousands of years of development of the humanity, M&A
have proven its position in restructuring and balancing the economy. Lacking of
potential markets for thousand, maybe million companies to develop, M&A is
now seen of the way to the successful due to the cooperation and strong
development due to consolidation of the powerful corporations brand.
Worldwide M&A in the first quarter 2012
According to Thomson Reuters, “WORLDWIDE M&A DOWN 22%, and
QUARTERLY ACTIVITY UP 18% - The total value of worldwide M&A US 1.1 trillion
during the first half of 2012, a 22% decrease from comparable 2011 levels. By
number of deals, M&A activity fell 17% compared to last year with fewer than
18,000 announced deals. Compared to the first quarter of 2012, the value of
announced mergers & acquisitions rose 18% during the second quarter of 2012,
but decreased 12% compared to the second quarter of last year.”
In the United Kingdom
 Mergers and Acquisitions (M&A) activity involving UK companies
continues to remain low in the second quarter of 2012. This may be

an indication that the confidence of companies to undertake
transactions remains tempered due to continued economic
uncertainty.
 The volume of UK M&A deals is down 39 per cent in quarter two 2012
compared with quarter two 2011.
 The value of outward acquisitions (acquisitions abroad by UK
companies) increased in the second quarter of 2012 compared with
the first quarter of 2012, whilst the value of inward acquisitions
(acquisitions in the UK by foreign companies) decreased.
 The net difference between inward and outward cross border
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transactions in quarter two 2012 has narrowed compared with
quarter one 2012.
 The value of domestic acquisitions (acquisitions in the UK by other UK
companies) in the second quarter of 2012 fell by 73 per cent
compared with quarter two 2011. The quarter two 2012 figure is
similar to the value reported in quarter two 2009.

M&A worldwide ranking and M&A ranking in some Country all over the world
Table 1: M&A ranking - Worldwide

Rank

Year

Acquirer**

Target**

Transaction
Value
(in bil.
USD)
(in bil.
EUR)
1
1999
Vodafone AirTouch
PLC
Mannesmann AG
202.8
204.8
2
2000
America Online Inc.
Time Warner
164.7
160.7
3
2007
Shareholders
Philip Morris Intl Inc.
107.6
68.1
4
2007
RFS Holdings BV
ABN-AMRO Holding
NV

98.2
71.3
5
1999
Pfizer Inc.
Warner-Lambert Co
89.2
84.9
6
1998
Exxon Corp
Mobil Corp
78.9
68.4
7
2000
Glaxo Wellcome PLC
SmithKline Beecham
PLC
76.0
74.9
8
2004
Royal Dutch
Petroleum Co.
Shell Transport &
Trading Co
74.6
58.5
9

2006
AT&T Inc.
BellSouth Corp
72.7
60.2
10
1998
Travelers Group Inc.
Citicorp
72.6
67.2

Table 2: M&A ranking - Europe
Rank
Year
Acquirer**
Target**
Transaction
Value
(in bil.
USD)
(in bil.
EUR)
1
1999
Vodafone AirTouch
PLC
Mannesmann AG
202.8
204.8

2
2007
Shareholders
Philip Morris Intl Inc.
107.6
68.1

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3
2007
RFS Holdings BV
ABN-AMRO Holding
NV
98.2
71.3
4
2000
Glaxo Wellcome PLC
SmithKline Beecham
PLC
76.0
74.9
5
2004
Royal Dutch
Petroleum Co
Shell Transport &
Trading Co

74.6
58.5
6
2006
Gaz de France SA
Suez SA
60.9
44.6
7
1999
Vodafone Group PLC
AirTouch
Communications Inc.
60.3
51.7
8
2004
Sanofi-Synthelabo
SA
Aventis SA
60.2
50.0
9
2008
InBev NV
Anheuser-Busch Cos
Inc
52.2
39.7
10

1999
Total Fina SA
Elf Aquitaine
50.1
48.3

Table 3: M&A ranking - Asia-Pacific
Rank
Year
Acquiror**
Target**
Transaction
Value
(in bil.
USD)
(in bil.
EUR)
1
2000
Pacific Century
CyberWorks Ltd
Cable & Wireless HKT
37.4
38.4
2
2000
China Telecom Hong
Kong Ltd
Beijing Mobile,6
others

34.2
39.7
3
2007
BHP Billiton Ltd
BHP Billiton Ltd
26.4
18.1
4
2008
China Unicom Ltd
China Netcom
Grp(HK)Corp Ltd
25.4
16.4
5
2008
Westpac Banking
Corp
St George Bank Ltd
17.9
11.6
6
2007
Shareholders
SK Corp-
Petrochemical
Business
17.0
12.4

7
2007
Wesfarmers Ltd
Coles Group Ltd
15.3
11.3
8
2006
Kemble Water Ltd
Thames Water PLC
14.9
11.9
9
2008
Shining Prospect Pte
Ltd
Rio Tinto PLC
14.3
9.7
10
2006
Cemex SAB de CV
Rinker Group Ltd
14.2
10.6

Table 4: M&A ranking - South East Asia
Rank
Year
Acquiror**

Target**
Transaction
Value
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(in bil.
USD)
(in bil.
EUR)
1
2008
Shining Prospect Pte.
Ltd.
Rio Tinto PLC
14.3
9.7
2
2007
Singapore Investment
Authority
UBS AG
9.8
6.6
3
2007
Shareholders
TM International Sdn
Bhd.
9.0

5.7
4
2001
SingTel
Cable & Wireless Optus
Lt
8.5
9.5
5
2007
Investor Group
Alinta Ltd.
7.5
5.5
6
2010
Investor Group
Plus Expressways Bhd
7.5
5.3
7
2008
Singapore Investment
Authority
Citigroup Inc.
6.9
4.7
8
2001
DBS Group Holdings Ltd

Dao Heng Bank Group
5.7
6.4
9
2001
UOB
Overseas Union Bank Ltd
5.5
6.4
10
2005
Shareholders
Sterling Energy-Philippine
Ast
5.4
4.4

Table 5: M&A ranking - North America
Rank
Year
Acquiror**
Target**
Transaction
Value
(in bil.
USD)
(in bil.
EUR)
1
2000

America Online Inc.
Time Warner
164.7
160.7
2
1999
Pfizer Inc.
Warner-Lambert Co
89.2
84.9
3
1998
Exxon Corp
Mobil Corp
78.9
68.4
4
2006
AT&T Inc.
BellSouth Corp
72.7
60.2
5
1998
Travelers Group Inc.
Citicorp
72.6
67.2
6
2001

Comcast Corp
AT&T Broadband &
Internet Svcs
72.0
85.1
7
2009
Pfizer Inc.
Wyeth
67.3
51.9
8
1998
SBC Communications
Inc.
Ameritech Corp
62.6
56.5
9
1998
NationsBank Corp,
Charlotte, NC
BankAmerica Corp
61.6
56.7
10
1999
Vodafone Group PLC
AirTouch
Communications Inc.

60.3
51.7

Table 6: M&A ranking - South America
Rank
Year
Acquirer**
Target**
Transaction
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Value
(in bil.
USD)
(in bil.
EUR)
1
2006
Cia Vale do Rio Doce
SA
Inco Ltd.
17.2
13.5
2
1999
Repsol SA
YPF SA
13.2
12.4

3
2008
Bolsa Brasileira de
Mercadorias
Bovespa Holding SA
10.3
6.5
4
2000
Telefonica SA
Telecommunicacoes
de Sao Paulo
10.2
10.0
5
2010
Telefonica SA
Brasilcel NV
9.7
7.5
6
2008
Banco Itau Holding
Financeira
Unibanco Holdings SA
8.5
6.7
7
2004
Ambev

John Labatt Ltd.
7.8
6.4
8
2010
Sinopec Group
Repsol YPF Brasil SA
7.1
5.2
9
2010
Bridas Corp
Pan American Energy
LLC
7.1
5.3
10
1997
Investor group
Correo Argentino SA
6.2
5.7

Table 7: M&A ranking – Australia
Rank
Year
Acquiror**
Target**
Transaction
Value

(in bil.
USD)
(in bil.
EUR)
1
2000
Bayerische Hypo- und
Vereins
Bank Austria AG
7.3
7.8
2
2009
Volkswagen AG
Porsche Holding
Salzburg
5.1
3.6
3
2005
Erste Group Bank AG
Banca Comerciala
Romana
4.7
3.7
4
2006
Investor Group
BAWAG
4.2

3.2
5
1997
Lafarge SA
Perlmooser
Zementwerke AG
3.6
3.4
6
2007
Voestalpine AG
Boehler-Uddeholm
AG
3.5
2.6
7
2008
Austria
Erste Group Bank AG
3.5
2.7
8
2005
Unicredito Italiano
SpA
Bank Austria
Creditanstalt AG
3.3
2.7
9

2004
Investor Group
BUWOG,WAG,Linzer,
Villacher
2.9
2.4
10
1998
Telecom Italia SpA
Telekom Austria AG
2.4
2.0

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