voestalpine AG — M&A Activity 1998

Oct 27, 1998

News Details

Ad-hoc | 27 October 1998 17:34

Ad hoc-Service: VOEST-Alpine Stahl AG englisch

—————————————————————— Ad hoc-Service: VOEST-Alpine Stahl AG englisch Ad hoc-Mitteilung übermittelt durch die DGAP. Für den Inhalt der Mitteilung ist allein der Emittent verantwortlich. —————————————————————————— Press Release on the occasion of the signing of the ‘Heads of Agreement’ between HTS SA and the consortium of VA STAHL AG / HOOGOVENS NV on October 27, 1998 in KRAKOW On October 27, 1998 HUTA im TADEUSZA SENDZIMIRA S.A. (HTS SA) signed an agreement with the consortium of VOEST-ALPINE STAHL AG / KONINKLIJKE HOOGOVENS NV which grants the consortium the exclusive right to negotiate with HTS SA the preconditions required for acquisition of a majority stake in a HTS Steel Company disincorporated from HTS SA. HTS SA has selected the consortium VA STAHL / HOOGOVENS as best bidder. Within the scope of the negotiations, which are scheduled for a period of thirteen weeks, a supplementary due diligence investigation will be conducted to form the basis for the clarification of open questions and the preparation of a contract (Shareholder Agreement). This contract shall be the corner stone for an economically successful development of the HTS Steel Company on a long-term range. Besides financial issues, the negotiations will focus on the investments required and the necessary expenditure for a social package. Subsequently, the contract will be submitted to the Polish Ministry of Treasury for approval. Ende der Mitteilung