On Monday (April 29,2002) the Managing Board of EnBW Energie Baden-Württemberg AG has decided to implement a so-called squeeze-out measure at Salamander AG to exclude minority shareholders in accordance with Section 327a et seq. AktG (German Stock Corporation Act). The EnBW Group currently holds a 95,43% overall stake in the company. EnBW will inform the Managing Board of Salamander AG of this decision.
EnBW has chosen this strategy in order to extend the freedom of action of Salamander during the course of the forthcoming restructuring measures, in particular in the Footwear division. The free Salamander shareholders will receive cash compensation in accordance with Section 327b AktG calculated on the basis of an expert valuation report and subject to independent review. The amount of the cash compensation will be published together with the invitation to the extraordinary AGM of Salamander AG convened to decide on this exclusion procedure.