Energie Baden-Württemberg Aktiengesellschaft in Karlsruhe has announced the details of a wide-ranging catalogue of measures to strengthen its equity base. In the first phase, around 12 million of the EnBW shares held by EnBW itself are to be offered to shareholders for purchase. Based on the planned purchase ratio of 18:1, one share in EnBW can be acquired for each 18 existing shares. As EnBW also intends to settle fractional rights, shareholders owning fewer than 18 shares may basically also purchase a share in EnBW. All in all, 12,261,746 own shares (plus any shares required for fractional rights settlement) will be offered at a purchase price of EUR 25.60. The purchase period will be from May 25, 2004 to June 8, 2004 (both dates inclusive). The two major EnBW shareholders, EdF International and OEW, have already indicated their willingness to fully exercise their purchase rights.
In addition, the two major shareholders have undertaken to each make subordinate shareholder loans of EUR 175 million available with a duration of five years after the purchase offer has been implemented.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America (including its territories and possessions, any state of the United States and the District of Columbia). This announcement is not an offer of securities for sale into the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States.