Bilfinger SE

M&A Activity • Oct 23, 2003

News Details

Ad-hoc | 23 October 2003 07:29

Bilfinger Berger AG english

Takeover bid for Australian Abigroup Ltd. Ad-hoc-announcement transmitted by DGAP. The issuer is solely responsible for the content of this announcement. ——————————————————————————– Takeover bid for Australian Abigroup Ltd. Bilfinger Berger plans to take over the listed Abigroup Ltd. of Sydney, Australia. Through this acquisition, Bilfinger Berger intends to form the second-largest construction group on the continent and above all to enhance its position in Australia’s growing market for ambitious infrastructure projects. Bilfinger Berger will make a public offer to acquire shares from all of Abigroup’s shareholders. The price to be offered is 3.90 AUD per share, the total investment volume for 100% of the shares amounts to 186 million AUD (approximately EUR 110 million). The main shareholder, Vercot Ltd., has committed itself to selling shares in Abigroup to Bilfinger Berger up to the legal limit of 19.9% of the capital stock, and has also indicated that it is prepared to dispose of the other shares from its total holding of 50.2%. The offer is subject to a minimum acceptance rate of 90% and also to the approval of the antitrust authorities. With its specialty in infrastructure projects, Abigroup is an ideal supplement to the Bilfinger Berger Group’s existing Australian subsidiary, Baulderstone Hornibrook, which has a strong position in building construction and civil engineering. In addition to its construction activities, Abigroup services and maintains gas and water distribution networks as well as toll roads. Furthermore, it also participates in successful private-sector operator projects, such as a holding in the listed toll-road operator, Hills Motorway. Last year, with 1,500 employees Abigroup generated a total output volume of EUR 440 million, which is due to rise significantly already this year as a result of new major projects. An EBIT margin of at least 3% is expected. Abigroup’s good operating profit was reduced in recent years due to its holding in the Sydney Super Dome arena, which is to be discontinued in the near future. The resulting effects have been taken into consideration in the purchase price. From the start, the company will deliver a positive contribution to Bilfinger Berger’s net profit also after goodwill amortization and financing costs. The acquisition is recommended by the board of Abigroup and welcomed by its management. Mannheim, October 23, 2003 end of ad-hoc-announcement (c)DGAP 23.10.2003 ——————————————————————————– WKN: 590 900; ISIN: DE0005909006; Index: MDAX Listed: Amtlicher Markt in Berlin-Bremen, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München, Stuttgart 230729 Okt 03