Reuters reported that Salzgitter has raised its holding in Aurubis above 25%.

A Salzgitter spokesman told Reuters that "It is a good level of shareholding. We have used the favorable market conditions to increase our stake and as a result we again have a blocking minority."

Under German securities law a blocking minority level, which gives an investor the right to veto important decisions, is 25% plus one share.

Salzgitter said that it had increased its shareholding in Aurubis to 25.002% from below 25%. Salzgitter's stake in Aurubis fell to around 24% earlier this year when it did not take part in a EUR 170 million rights issue at EUR 41.50.

Mr Marc Gabriel analyst at Bankhaus Lampe said that "The transaction is very interesting. They later have the opportunity to use the Aurubis shares in a bond that is exchangeable into Aurubis shares".

In October 2010, Salzgitter issued a EUR 275 million seven year exchangeable bond with the exchange price set at EUR 46.9010.

(Sourced from www.reuters.com)