FELDKIRCHEN BEI MÜNCHEN (dpa-AFX) - German building materials group Steico will in future be part of the Kingspan Group. Schramek GmbH, currently the majority owner with 61.1 percent, has signed an agreement with its Irish industry colleague to sell 51.0 percent of its shares in Steico, the German group announced on Monday evening. The remaining 10.1 percent will initially remain with Schramek. Through the cooperation with Kingspan, Steico expects sustainable synergy effects in market development as well as significant impulses for further growth.

As a precautionary measure, it is pointed out that the sale of the majority of the

shares to Steico does not lead to the necessity of a takeover bid for the remaining shares.

of the remaining shares, the statement continued. The reason for this is that Steico is only

traded in the over-the-counter market and therefore the provisions of the

of the German Securities Acquisition and Takeover Act (Wertpapiererwerbs- und Übernahmegesetz) do not apply. Nevertheless, in an initial reaction, Steico shares on the Tradegate trading platform rose by more than six percent compared to the closing price on the Xetra main market./he