Press Releases 2002

June 6, 2002
Development into a multi-service group is taking shape: Bilfinger Berger acquires Rheinhold & Mahla service group

Bilfinger Berger is successfully forging ahead with its development into a multi-service group. The Company is acquiring a majority shareholding in Rheinhold & Mahla AG, Munich and is striving for a complete takeover of this firm.

By agreement with the shareholders Illbruck GmbH, Sabina Illbruck, and Deutsche Beteiligungs AG, Bilfinger Berger has secured a majority of 55% of the share capital of Rheinhold & Mahla AG. These agreements are subject to approval by the anti-trust authorities. Deutsche Beteili-gungs AG - subject to approval by their Supervisory Board - has indicated willingness to selling their 27% shareholding. Bilfinger Berger also intends to present an open takeover bid to the shareholders of Rheinhold & Mahla AG in order to acquire the approximately 18% of shares still held in free float. The valuation of the company resulted in a purchase price of €13 per share - with a 100% shareholding amounting to an overall investment of €117 million.

Bilfinger Berger is focusing on the expansion of its services that are upstream and downstream from its core business of construction. Rheinhold & Mahla meshes perfectly with this strategic alignment. With its rapid growth in services, this internationally organized service group has developed into a strong partner to demanding industrial clients. With 8,500 employees, the firm generated a total operating performance of €732 million in 2001. The EBIT margin was 3.4% and net profit amounted to €10.9 million. This company will make a favorable contribution to the Group earnings of Bilfinger Berger from the very outset - even after goodwill amortization.

The business segments industrial insulation and services, technical services, as well as ship insulation and outfitting are responsible for 80% of Rheinhold & Mahla's total operating per-formance. The remaining 20% are attributable to the construction-services segment.