Press Releases 2004

January 15, 2004
Successful takeover bid: Bilfinger Berger acquires all shares in Australian Abigroup

Bilfinger Berger's public offer to the shareholders in the Australian Abigroup has been successful, leading to the complete acquisition of the company. Before the end of the acceptance period on January 16, 2004, Bilfinger Berger already holds more than 90% of the company's equity capital. The remaining shares can now be acquired quickly by means of a simplified squeeze-out procedure. The price of 3.90 Australian dollars per share remains unchanged, no special evaluation process is necessary. The total investment volume for 100% of the shares amounts to 186 million Australian dollars, approximately €110 million.

With this acquisition, Bilfinger Berger has significantly strengthened its position in Australia. 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.