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voestalpine publishes cash settlement offer for BÖHLER-UDDEHOLM AG

15 May 2008 | 

Reasonable cash settlement payment at EUR 70.26 per share.

As already announced in March 2008, at the Annual General Meeting of BÖHLER-UDDEHOLM AG on 23 June 2008, voestalpine AG will, pursuant to the Austrian Minority Shareholder Squeeze Out Act, move to transfer the shares of all shareholders other than the main shareholder voestalpine AG against payment of a reasonable cash settlement to voestalpine AG (in other words, to perform a “squeeze out”).

In a joint report, the Management Board of BÖHLER-UDDEHOLM AG and its main shareholder voestalpine AG have now set the amount of reasonable cash settlement payment at EUR 70.26 per share. The cash settlement contains the accumulated profits attributable to each individual share for the company’s 2007 business year and the 2008 short business year (01 Jan – 31 Mar 2008). Therefore, no separate payment of any dividends is contemplated.

The reasonable cash settlement is based on an expert appraisal furnished by Ernst & Young Wirtschaftsprüfungsgesellschaft m.b.H. and commissioned by voestalpine AG and BÖHLER-UDDEHOLM AG, providing a valuation of BÖHLER-UDDEHOLM AG as of 23/24 June 2008. The reasonableness of the cash settlement payment and the correctness of the joint report of the Management Board and of the main shareholder of BÖHLER-UDDEHOLM AG have been confirmed by a court-appointed expert auditor, PwC Transaction Services Wirtschaftsprüfung GmbH.

The Supervisory Board of BÖHLER-UDDEHOLM AG will review the squeeze out at its meeting of 19 May 2008 and issue a report thereon. As from 20 May 2008, BÖHLER-UDDEHOLM AG will make all of the documents required pursuant to law available to the shareholders in the form required pursuant to the Austrian Minority Shareholder Squeeze Out Act.