No contesting actions filed - even closer cooperation between EnBW and NWS

Stuttgart. The "squeeze-out" decision for Neckarwerke Stuttgart AG (NWS) was entered in the commercial register at Stuttgart Local Court on May 23, 2003. On April 15, 2003, the AGM of the company had decided to transfer the shares of minority shareholders to EnBW Energie Baden-Württemberg AG against payment of a cash compensation amount of Euro 396.50 per no-par value bearer share. The minority shareholders did not file any actions to rescind the decision within the one-month appeal deadline. The transfer of the shares of the outstanding shareholders to EnBW becomes effective upon entry in the commercial register, and the Group therefore now holds all of the equity in NWS either directly or through its subsidiaries. Baden-Württembergische Bank AG, Stuttgart, has been entrusted with the job of handling the share-related technicalities and payment of the cash compensation amounts.

The transfer of shares provides EnBW and NWS with the flexibility they need to intensify their close and successful cooperation. They now have a firm planning foundation on which to develop the concepts for the ongoing integration of NWS in the EnBW Group. The goal is to push ahead with integration on the operational level, thereby exploiting untapped synergistic potential. Specific decisions in this area are expected in the coming months.