A regional authority in Switzerland has stopped Skanska from acquiring 70% of Karl Steiner Holding AG (Steiner). Steiner, like Skanska, is an integrated construction group, and ownership would violate a Swiss ruling that prohibits foreign control of companies owning land classified as viable for residential construction. Karl Steiner AG chairman, Anders C Karlsson, says: "We were all surprised by the negative ruling from the regional authority in Switzerland. We have not succeeded . . . in finding a solution, but we will continue to co-operate with Skanska."
