MVV Energie AG

ots Ad hoc-Service: MVV Energie AG MVV Energie AG Acquires Majority Share in EVO Strategic Partnership Sustains Growth Strategy

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    Offenbach/Mannhei (ots Ad hoc-Service) - At a shareholders' meeting of the Energieversorgung Offenbach AG (EVO), an initial decision was made today (June 21, 2000) to sell a majority interest in the Offenbach energy supplier. MVV Energie AG in Mannheim was given the nod in an international bidding process. MVV will acquire 50% plus one share of EVO's capital stock. Two of EVO's present shareholders, the City of Dietzenbach (11%) and Offenbach County (22%), will sell all of their shares to MVV, while the City of Offenbach will only sell one package (17%) for the time being and will thus remain an EVO shareholder in future with 49%.

    In fiscal year 1998/99, MVV had sales of DM 1.1 billion and an EBIT of DM 184 million. In 1999, EVO grossed DM 400 million in sales with an EBIT of DM 54 million. By 2004/2005, sales and EBIT of the MVV Energie Group are expected to increase by one- third.

    The two partners, whose legal frameworks call for them to continue to operate independently of one another, have direct access to approx. 350 000 customers in the Rhine-Main and Rhine- Neckar metropolitan areas. MVV Energie AG's Europe-wide energy trading as well as its extensive portfolio of value-added energy services will be instrumental in supporting EVO in expanding the Rhine-Main region as a strategic platform, especially in the segment of medium-sized, commercial and industrial businesses. Part of the sales activities will be centered on EVO's venue. For this reason, sales billing and MVV's call center will be moved to Offenbach. By making use of joint cost-management, the two partners intend to create significant cost-cutting synergies that are expected to be in the range of eight figures.

    This majority share in EVO is part of MVV Energie AG's growth strategy and will strengthen both the competitive edge as well as the demand leverage in the core business of this nationally and internationally active multi-utility.

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