On the evening of 25 April 2006 there were reports in the Swiss media that the creation of the new energy group from the merger of Atel and EOS had been blocked for the time being. These reports are false.
The truth is that one of Atel’s minority shareholders has submitted an objection to the Swiss Federal Banking Commission (SFBC) regarding the recommendation made by the Swiss Takeover Board on 7 April 2006. The SBC will now examine this challenge. In its recommendation, the Swiss Takeover Board stated that Motor-Columbus’ exchange offer to Atel’s shareholders is fundamentally in accordance with the Swiss Stock Exchange Act. The exchange offer referred to above is a single step within a comprehensive transaction. The timetable for this transaction is unchanged and provides for a merger of Atel and the activities and assets of EOS within a newly created holding structure. Electricité de France (EDF) also intends to contribute its Swiss activities to the new company. The current SFBC examination of the above-mentioned challenge does not impact on the implementation of this overall transaction objective in any way.
Aare-Tessin Ltd. for Electricity Corporate Communications