Aurelius to target Arques next

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Reports indicate that industrial restructurer Aurelius has operated in stealth mode to secure a significant stake in rival Arques Industries AG. Both are listed on the stock market and have suffered massive losses in the overall climate: While Arques' share price was EUR35 at the end of September 2007, it has since dropped as low as EUR5. At the time of going to press, Arques was trading just below the EUR9 mark, its market capitalisation a low EUR236m - down from around EUR1bn during its heyday. To boot, the firm is struggling following the acquisition of IT wholesaler Actebis and recently reported losses of EUR36m.

Aurelius, on the other hand, has held up better in the economic climate, but also saw its share price drop from around EUR40 to around EUR19.

Dirk Markus, a co-founder of Arques, set up Aurelius in 2005. Both firms acquire companies for a symbolic price and claim to focus on restructuring - with mixed success. Arques' printing holding Arquana recently went bankrupt after having been divested by Arques. Aurelius has only completed one exit so far, KWE Stahl- und Industriebau (see page 55).