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Implenia wins power struggle

The two-and-a-half-year power dispute between Switzerland's largest construction firm, Implenia, and British hedge fund Laxey Partners has ended.

Laxey said it was selling its 51 per cent share in Implenia to various investors, including Max Rössler, whose share rises from 11.1 per cent to 13.2 per cent, Rudolf Maag (10.8 per cent) and the Göhner Foundation (9.7 per cent).

All lawsuits have also been dropped.

"We're happy that we can once again concentrate all our resources and energy into the development of our company," said Implenia CEO Anton Affentranger.

Laxey made a hostile bid for Implenia in November 2007 that was rejected.

Implenia was formed from the merger of Geneva-based Zschokke and the Batigroup of Basel in 2006 and has a workforce of 6,300. and agencies