Cerberus sells BAWAG assets

Austrian BAWAG PSK bank sold 100% of Bosendorfer Klavierfabrik GmbH shares to Japan's Yamaha Corp for about EUR15m. Yamaha guaranteed to maintain Boesendorfer's Austrian headquarters and production facilities and secure the iconic piano maker's future.

Last year, Austria's trade union federation, Oesterreichischer Gewerkschaftsbund sold BAWAG to a consortium headed by US private equity fund Cerberus Capital Management (February 2007, page 36). BAWAG acquired Bosendorfer for $25m in 2001. The piano maker employs 180 staff and was founded in 1828 by Ignaz Bosendorfer in Vienna.

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