The beginnings
OIAG was formed on 26 July 1946 with the passing of the first Nationalisation Act. When the Soviet occupation troops started to confiscate the German-owned companies in their zone, the Austrian parliament decided to nationalise all German companies to save them from the clutches of the Russian troops.

It was not only industrial enterprises founded by the Nazis - such as the Hermann Göring Works in Linz (which subsequently became VÖEST)– that were considered to be German property. The definition also applied to all the former Austrian nationalised companies that had been taken over by the German Reich, such as DDSG, the Danube shipping company. All in all, German property accounted for one fifth of Austrian value added. It included the country’s three largest banks, the entire coal and metal mining industry, all mineral oil extraction and processing facilities, and all the important companies in the heavy industry sector.

However, nationalisation did not achieve the desired objective of saving the companies involved from Russian interference, since the Soviet Union prevented the implementation of the Nationalisation Act in its zone of influence. It was only after the occupation forces left that the state was able to take over these companies.

On the other hand, however, nationalised industry played an important role in economic reconstruction in the occupation zones of the three Western Allies. This was not only due to the fact that it was the nationalised companies that received a large part of American reconstruction aid, but also because they were able to pass on this advantage to the Austrian economy, often in the form of coal and steel at prices below world market levels.

Initially nationalised industry was administered by the government directly, first by the “Ministry of Asset Protection and Economic Planning”, and later by the Ministry of Transport and the Federal Chancellery. At the end of the immediate post-war period, nationalised industry staggered from one crisis to another due to this direct political influence, and the making of appointments where political proportionality was often more important than qualifications, and the use of nationalised industry as a political means of ensuring employment.

Reforms
The first reforms were initiated in response to these crises. In 1967 administration of the majority of nationalised companies was transferred to the newly founded Österreichische Industrieverwaltungs GesmbH (ÖIG), and initial restructuring of the companies resulted in the cutting of around 20,000 jobs.

In 1970 ÖIG was transformed into an Aktiengesellschaft, or public limited company (OIAG), and in subsequent years the group was restructured. A large conglomerate was formed around VÖEST as a reaction to the revenues lost due to the oil price shock and the international steel crisis. This conglomerate was designed to absorb other nationalised companies that had got into difficulties. At the same time, nationalised industry also had to function as an employment policy instrument in the recession of the late 1970s.

All this meant that OIAG companies started to report growing losses from the beginning of the 1980s on. By 1985 VÖEST was virtually insolvent, and the subsidies required by individual companies already exceeded their employment costs. In 1986 OIAG (now Österreichische Industrieholding AG) was restructured once again. The complicated conglomerates formed in the 1970s were broken up again and grouped together in new industry holdings. These were designed to be reconstructed with the revenues obtained from privatisation and then sold on the stock exchange as private companies.

Privatisation agency
It soon became clear that this approach was not going to be successful either, since the most important nationalised companies started reporting losses again as early as 1991/92. Between 1980 and 1992, the government had to pay subsidies to the tune of 60 billion schillings (4.4 billion euros) to offset losses, whilst at the same time 55,000 jobs were cut. In 1993 the industry holdings were dissolved again, and OIAG was now obliged by an amendment to the OIAG Act to sell, within a reasonable period of time, a majority interest in its directly owned holdings to industrial enterprises. Where economically expedient, individual companies or direct holdings, especially those not belonging to the companies’ core business areas, could be disposed of separately. At the same time, due consideration had to be given to ensuring that, as far as economically feasible, Austrian industrial enterprises and industrial value added should be maintained. OIAG began to chart its successful course as a privatisation agency.

OIAG's privatisation steps
1987 to 2006

November 1987
Sale of a 15% stake in OMV (oil and petrochemical group), first initial public offering of an OIAG company.

September 1989:
Floatation of another 10% in OMV.e.

July 1992
Sale of a 26% stake in Simmering-Graz-Pauker-Verkehrstechnik to Siemens AG Oesterreich.

December 1992
Sale of a 49% stake in VAE (Railway systems – old and new shares).

July 1993
Privatisation of Austria Mikro Systeme International (AMS) by floatation of a 74% stake on the Vienna stock exchange.

November 1993
Sale of another 25% of VAE (old and new shares), privatisation via initial public offering.

November 1993
Sale of A.S.A. to a French company.

December 1993
Sale of another 48% stake in SGP-VT to Siemens AG Oesterreich.

May 1994
Privatisation of VA Technologie, floatation of a 51% stake, the biggest transaction on the capital market in Austria at that time.

May 1994
Reduction if its stake in OMV to 53% by selling a 20% stake to IPIC. Until the end of the year continuance of privatisation with a reduction of the stake to 50% minus one share.

July 1994
Sale of the remaining 26% stake in AMS via private placement.

November 1994
Sale of 100% of AT&S via management buyout.

November 1994
Floatation of the remaining 26% stake in VAE.

March 1995
Sale of a 27.3% stake in Boehler-Uddeholm AG via initial public offering.

March 1995
Sale of Schoeller-Bleckmann Oilfield Equipment AG to a private Austrian company.

March 1995
Sale of Schoeller-Bleckmann Edelstahlrohr GesmbH to the management.

May 1995
Sale of Bernhard Steinel Werkzeugmaschinen GmbH in Villingen, Germany.

October 1995
Floatation of a 31.7% stake in VA Stahl AG.

December 1995
Sale of Weiler Werkzeugmaschinen GmbH & Co.KG to the management.

February 1996
Sale of a 4.6% stake in VA Stahl AG to an institutional investor.

March 1996
Privatisation of Boehler-Uddeholm AG by selling 47.7% via secondary public offering.

May 1996
Sale of a 14.9% stake in OMV AG via secondary public offering, which reduced OIAG's stake to 35%.

June 1996
Sale of 100% of GIWOG-Wohnbaugruppe (including its units SAG and GEMYSAG) to 5 Austrian social housing companies.

July 1996
Sale of a 77% stake in VAMED to the German health care group, Fresenius and a 10% stake to Bank Austria.

November 1996
Sale of 100% of VA Bergtechnik to Finish Tampella Corp. and Finish Tamrock Oy.

November 1996
Sale of 100% of AMAG to Hammerer (Management)/-Constantin (Austrian industrial group) group.

May 1997
Sale of 100% of Salinen AG to the Androsch/ RLB OOE,/Thomanek consortium.

June 1997
Sale of a 25% stake plus one share in Mobilkom AG (mobile network division of Post und Telekom Austria) to STET International, a subsidiary of the Telecom Italia group, via Post- und Telekombeteiligungsgesellschaft.

June 1997 to January 1998
Floatation of a total of 4,354,000 shares of Bank Austria via PTBG.

November 1997
Sale of a 49.5% stake in Austria Tabak via initial public offering.

February 1998
Sale of a total of 6,269,050 shares of Bank Austria via PTBG.

October 1998
Sale of a 25% stake plus one share of Telekom AG ( telecommunication division of Post und Telekom Austria) to STET International, a subsidiary of Telecom Italia via PTBG.

March 1999
Placement of 9.4% of Austria Tabak with institutional investors. (block trade).

May 1999
A capital increase of AUA reduced OIAG's stake to 39.72%. OIAG didn't exercise the subscription rights.

OIAG Act 2000

In accordance with the law 2000 and the privatisation mandate authorized by the Minister for Finance, OIAG is required to transfer 100% of the following companies or interests in companies to completely new shareholders, strategic partners or the general public:

Österreichische Staatsdruckerei GmbH
Dorotheum GmbH
Print Media Austria AG
Flughafen Wien AG
Österreichische Postsparkasse AG
Telekom Austria AG
Austria Tabak AG

In carrying out this privatisation mandate in the interest of the Austrian people, OIAG must obtain the maximum revenue possible, taking into consideration the companies' and Austria's interests. A second phase will involve examining the possibility of further privatisation.

November 2000
Österreichische Postsparkasse was sold to Bank fuer Arbeit und Wirtschaft AG.

November 2000
Placement of 22.4% in Telekom Austria AG via initial public offering and placement of 4.8% with STET International(Telekom Italia) due to contractual commitments.

November 2000
Sale of a 2.62% stake in Flughafen Wien AG to the city of Vienna as well as to the State of Lower Austria. Another 3.22% stake was acquired by Flughafen Wien as part of a share buyback.

November 2000
Sale of Österreichische Staatsdruckerei GmbH to an Austrian investor.

March 2001
Sale of a 8.92% stake in Flughafen Wien AG to domestic and foreign institutional investors.

May 2001
Sale of 1% of VA Stahl's capital via share buyback program.

August 2001
Sale of the remaining 41.1% stake in Austria Tabak AG to the Gallaher group.

September 2001
Sale of 100% of Austrian auction house Dorotheum AG to the consortium "OneTwo Beteiligungs- und Managementberatungs GmbH".

March 2002
Sale of 100% of printing company Strohal Rotations Druck GmbH" to the financial investor "Invest Equity Group".

May 2002
OIAG has only exercised 50% of its subscription rights in the capital increase of Voestalpine AG, which has reduced the holding of OIAG to 34.7% from 37.8%.

June 2002
With the allotment of the bonus shares as part of the investment program of the IPO in November 2000, the holding of OIAG has been reduced its share on Telekom Austria AG to 47.2% from 47.8%.

August 2003
Disposal of 9% shares of VA Technologie via stock exchange.

August 2003
Sale of 100% of Postbus AG to ÖBB (subject to the approval of the merger control).

August 2003
The issue of exchangeable notes for shares of Telekom Austria AG to institutional investors amounting to 5% of the company's share capital. 
 
September 2003
The issue of exchangeable notes for shares of  voestalpine AG to institutional investors amounting to  15% of the company's share capital. 

September 2003
the POSTBUS AG, which has been a 100 percent subsidiary of the OIAG since 1.1.2000, was sold to the Austrian Railway Company ÖBB in September 2003. Through this transaction the two largest public bus transport companies of Austria were merged into a single company for road bound local traffic.

September 2003
Disposal of 19.7% of voestalpine AG through a secondary public offering on the stock exchange.

November 2003
Disposal of 25% of Boehler-Uddeholm AG through a secondary public offering on the stock exchange.

August 2004
OIAG Bergbauholding AG (ÖBAG): sale of 26% stake in BMG Metall und Recycling GmbH to majority shareholder Ecobat.

September 2004
On 7 September 2004, details concerning VA Technologie AG were finalised in the Austrian Government's privatisation mandate of 1 April 2003.

December 2004
Privatisation of VOEST-ALPINE Erzberg GmbH via the sale and transfer of OIAG shares to the Erzberg Private Foundation.

July 2005
OIAG accepted the public takeover offer made by Siemens Austria for its 14.7 percent interest in VA Tech.

August 2005
voestalpine AG fully privatised by end of August, exchangeable notes completely converted.

May 2006
Sale of 49% of Österreichische Post AG on the stock exchange.

June/September 2006
The conversion or, respectively, the sale of OIAG's exchangeable notes in Telekom Austria (issued in 2003) has been concluded. Subsequently, OIAG's stake in Telekom Austria was reduced to 25.2%.

September 2009
Austrian Airlines AG fully privatised; as of September 3, 2009 Lufthansa holds more than 90% shares in Austrian Airlines AG.