029 Group SE

M&A Activity • Nov 12, 2004

News Details

Ad-hoc | 12 November 2004 15:15

Supervisory board of Phoenix AG approves structural measures

Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– In today’s meeting, the supervisory board of Phoenix AG, Hamburg has approved the drafts of a merger contract and a controlling- and profit distribution agreement, which should be closed with ContiTech AG, Hanover on November 16, 2004. In addition, the supervisory board approved the call of an extraordinary general meeting on December 28, 2004. In this meeting, shareholders should decide on the approval of a merger contract and a controlling- and profit distribution agreement. On the basis of the valuation accomplished by Ernst & Young AG, the controlling- and profit distribution agreement requires a payment of EUR 1.27 per share (gross EUR 1.39) of ContiTech AG to all outstanding Phoenix shareholders for each full business year. This payment is in addition to the compensation payment of EUR 18.89 per share, already released yesterday. end of ad-hoc-announcement (c)DGAP 12.11.2004 ——————————————————————————– WKN: 603100; ISIN: DE0006031008; Index: SDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg und München; Freiverkehr in Stuttgart 121515 Nov 04