VERBUND: Continued Interest In Participation In Energie AG OÖ
After yesterday’s meeting of the Supervisory Board the Board of Management and the Supervisory Board of VERBUND basically stand by their offer concerning their participation in Energie AG OÖ.
It was stated again that important synergies can be obtained from the project "Energie Austria" only in the case of a 51-percent participation as described in the initial offer.
The acquisition of 25 % plus one share is not easily justifiable economically at the present, since the synergies that would make the commitment justifiable are not achievable at the high expected purchase price and under the circumstances prevailing in the negotiations.
The Board of Management and the Supervisory Board of VERBUND expect that in the case of an acquisition of participations an adequate support will be offered in Energie AG OÖ to allow the creation of the synergies required to make the project economically efficient - even if this can be achieved only step by step.
In conclusion, the VERBUND Board of Management expressed its hope that further talks will be held with the Province of Upper Austria and the authorized Investmentbank, so that a solution can be reached which is justifiable and satisfactory for all parties involved.