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Feb. 24 (Bloomberg) -- AMAG Austria Metall AG rose the most in almost three weeks after a report in Vienna’s Format magazine said private investor Ronny Pecik may buy JPMorgan Chase & Co.’s 34.5 percent stake in the aluminum producer.
AMAG advanced 3.5 percent to 18.835 euros at the 5:30 p.m. close of trading in the Austrian capital, its biggest increase since Feb. 6. It today passed its IPO price in intraday trading for the first time since listing shares in April.
JPMorgan holds the stake via its buyout arm, One Equity Partners LLC. In last years initial public offering, AMAG sold at the bottom of the original price range, selling for 19 euros per share. One Equity also sold a smaller stake than initially announced.
One Equity is in talks with “several interested parties” for the AMAG shares, the buyout arm’s spokesman Max Hohenberg said by phone today, adding that the company was in “no rush” to sell. He declined to comment on potential buyers.
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