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| CEOG public cash offer for BorsodChem receives final approval |
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Budapest, Hungary. CE Oil & Gas Beteiligung und Verwaltung AG has announced today fulfilment of all the conditions for the public purchase offer, launched June 14 2001, for all the BorsodChem shares it did not own, at a price of HUF 5,300 (approximately USD 18) per share in cash.
The Hungarian and the relevant foreign antitrust authorities (Czech, Slovak, and Austrian) have not seen any reason to refuse their permission for the acquisition of BorsodCchem by CE Oil & Gas, and have given their approval for the transaction to take place.
As a result of the offer, CE Oil & Ggas has increased its stake in BorsodChem from 16.061% to 59.236%. The transfer to CE Oil & Gas of the ownership of validly offered shares will thus take place from today.
All shares will be paid to the shareholders that validly accepted the Offer at the latest within eight business days from todaythe publication of the present announcement, i.e. on October 25 2001 at the latest.
Heinrich Georg Stahl, CEO of CEO Oil & Gas, declared: “We are pleased to announce the completion of our offer. Our aim will be to ensure the long-term success of BorsodChem and enable it to take full advantage of the strong growth potential in the Hungarian and European chemicals sector.”
This Offer is restricted to Hungary only for regulatory reasons. For further information on specifics regarding the offer and its restrictions please refer to the Offer Document, which is a matter of public record in Hungary.
Legal restricts to the offer
The offer does not constitute an offer for securities in the United States of America, its territories and possessions, any State of the United States and the District of Columbia, the United Kingdom, or any country in which such offer cannot be made without authorisation on the part of the competent local authorities (including in particular, without limitation, Japan, Canada and Australia) (together the “Excluded Countries”) and is, thus, not being made directly or indirectly in or into, or by use of the postal services of, or by any means or instrumentality of interstate or foreign commerce of, or by any facilities of a national securities exchange of, nor is it capable of being accepted from,, any of the Excluded Countries by any means whatsoever, including, but not limited to, postal services, facsimile transmission, electronic mail, telex, telephone and Internet in any of the Excluded Countries.
Accordingly, this press release and any other press-related or other material (including copies of the offer document) that CE OIL & Gas may issue in relation to the offer (including copies of such materials) are not an extension of an offer in any of the Excluded Countries and must not be mailed or in any way sent, transmitted or distributed in, into or from any of the Excluded Countries and doing so may invalidate any purported acceptance of the offer. No jurisdictional means or instrumentality of interstate or international commerce of any of the Excluded Countries may be used for any purpose connected with the offer.
Any purported acceptance of the offer resulting from actions taken in violation of the above limitations will not be valid and binding.
For enquiries, please contact:
Eva Trembacz Best Communications Group + 36 1 457 0606/07/09/10
Andrew Dewar Brunswick Group + 33 1 53 96 83 73
Patricia Perrier Brunswick Group + 33 1 53 96 83 73
Zoltán Radnóty Raiffeisen Securities + 36 1 484 4802
Notes to editors:
CE Oil & Gas is a financial investor in the gas and oil sector, registered in Austria. CE Oil & Gas is fully owned by VCP Capital Partners Unternehmensberatungs AG. CE Oil & Gas focuses on Central and Eastern Europe and holds approximately 16,5% stake in Hungary's largest petrochemicals company Tiszai Vegyi Kombinát Rt.
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© VCP AG 2010
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