euro adhoc: Andritz AG
Mergers - Acquisitions - Takeovers
VA TECH HYDRO:
Siemens Austria and Andritz AG sign purchase contract
Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement.
11.04.2006
Graz, 11 April 2006. Following final negotiations, Siemens Austria and Andritz AG have signed the contract for the purchase of VA TECH Hydro. The parties have agreed not to disclose the purchase price. The acquisition is subject to the approval by antitrust authorities, and is expected to become effective at the end of May 2006.
In the course of the approval procedure for Siemens Austrias acquisition of VA TECH, the European Union, under its anti-trust regulations, had imposed the obligation on Siemens Austria to sell VA TECH Hydro. In February 2006, Siemens Austria had decided to hold final negotiations with Andritz AG, which were successfully concluded under close observation of the European anti-trust authorities. The decision in favor of Andritz AG was based on three criteria:
1. Andritz had presented an attractive overall package (conditions, site, etc.). 2. The stipulations of the EU anti-trust authorities (competence, competitiveness of the company) were fulfilled. 3. A convincing strategic concept was submitted for the site in Weiz.
Andritz AG, a leading Austrian industrial company with broad international experience, had made a clear and conclusive offer. VA TECH Hydro ideally complements Andritzs product portfolio. With the acquisition, Andritz will become one of the worlds leading manufacturers of water turbines with a global presence.
Siemens Austria trusts that this sale also serves the interests of Austria as an economic and industrial site. In addition, this option implies strong future perspectives for the production site in Weiz.
About Andritz Publicly listed Andritz Group is a global market leader in advanced production systems for the pulp and paper, steel, and other specialized industries. Andritz has a staff of approximately 5,900 employees worldwide. It develops and manufactures its high-tech systems at 30 production sites in Austria, Germany, Finland, Denmark, France, the Netherlands, the USA, Canada, and China.
end of announcement euro adhoc 11.04.2006 07:30:00
Further inquiry note:
Dr. Michael Buchbauer
Head of Investor Relations
Tel.: +43 316 6902 2979
Fax: +43 316 6902 465
mailto:michael.buchbauer@andritz.com
Branche: Machine Manufacturing
ISIN: AT0000730007
WKN: 632305
Index: WBI, ATX Prime, ATX
Börsen: Wiener Börse AG / official dealing