Press Releases 2003

December 3, 2003
Bilfinger Berger to strengthen its position in Australia: Antitrust authorities approve takeover of Abigroup

The Australian antitrust authorities have approved the takeover by Bilfinger Berger of the listed Abigroup Ltd. At the end of October, the Group made a public offer to acquire shares from all of Abigroup's shareholders. The price offered is 3.90 Australian dollars per share, the total investment volume for 100% of the shares amounts to 186 million Australian dollars (approximately €110 million). There is already an acceptance rate of over 60%, which is a very positive interim result in view of the fact that the acceptance period ends on December 19, 2003. Bilfinger Berger is confident of completing the acquisition by the end of the year.

Primarily active in civil engineering and road construction, Abigroup is an ideal supplement to Bilfinger Berger's existing Australian subsidiary, Baulderstone Hornibrook, which has been part of the Group since 1993. In addition to its construction activities, Abigroup carries out repair and maintenance work on gas and water distribution networks and toll roads. It is also involved in successful private-sector concession projects. Last year, with 1,500 employees Abigroup generated an output volume of €440 million, which will rise considerably as from this year due to major projects. An EBIT margin of at least 3% is expected. From the start, Abigroup will deliver a positive contribution to Bilfinger Berger's net profit also after goodwill amortization and financing costs.