Karlsruhe. On September 11, 2002 the Extraordinary AGM of Salamander AG held in Lud-wigsburg approved the squeeze-out procedure in accordance with Section 327a et seq. AktG (German Stock Corporation Act) proposed by majority shareholder EnBW Energie Baden-Württemberg AG. In line with this procedure, minority shareholders will receive cash com-pensation of € 22.71 per share. EnBW holds 95.42% of the shares in Salamander. Some shareholders and shareholder representatives announced their intention to file an action for avoidance.
The cash compensation is based on a valuation of Salamander AG drawn up by an inde-pendent auditing company and confirmed by a court-appointed expert. Gerhard Goll, Chair-man of the EnBW Board of Management and Chairman of the Supervisory Board of Sala-mander AG, said the compensation amount was also fair in relation to the average price of Salamander shares. Goll described the decision of the AGM as an important and necessary step in the endeavour to extend the freedom of action of Salamander during the course of the forthcoming restructuring measures and the changes in the shareholder structure. He said that the intention is still to sell Salamander AG as a single entity.