OIAG to fully privatize voestalpine AG
11.09.2003 10:59

OIAG today announced its intention to proceed with the final phase in the privatization of voestalpine AG (the ?Company?) via the stock exchange. The sale will comprise a secondary equity offering (the ?Equity Offering?) of up to 9,761,400 shares (representing up to approximately 25% of the outstanding share capital of the Company), with the remainder underlying an offering of bonds exchangeable into voestalpine AG shares (the ?Exchangeable Offering?).

The Equity Offering comprises a public offering in Austria and an international offering to institutional investors including to qualified institutional buyers in the United States.

The institutional offering begins on September 11, 2003 and the public offering in Austria begins on September 12, 2003. Pricing of both offerings is expected to take place on September 18, 2003. The offer price will be determined by a bookbuilding procedure and is expected to be announced after the close of business on September 18, 2003.

The shares underlying the Exchangeable Offering are expected to account for 10% to up to 15% of the outstanding share capital of the Company. The final size and terms of the Exchangeable Offering will be announced prior to the close of business on September 18, 2003.

JPMorgan and Erste Bank are acting as Joint Bookrunners and together with UBS as Joint Lead Managers of the Equity Offering; CA IB and RCB are acting as Co-Managers. JPMorgan is also Financial Advisor to OIAG and UBS is Financial Advisor to the Company. voestalpine a showcase Austrian company

Since its IPO in 1995, voestalpine has undergone a fundamental transformation. Once entirely focused on steel production, the company has evolved into an internationally successful steel and processing group. The basis of the solid position of voestalpine is the new group strategy which aims at extending the value chain into engineering and processing activities. Our mission is no longer to produce “more steel”, but rather to make “more out of steel”.

Today, the voestalpine Group has four operational divisions (Steel, Railway Systems, motion and Profilform) and offers its customers one-stop shopping solutions that include railway lines, automotive bodies in white and complex steel constructions. voestalpine is now one of the leading suppliers to the European automotive, household appliance and railway industries.

voestalpine’s financial results also underline the success of its corporate approach. Despite the challenging economic climate during the financial year to March 31, 2003, voestalpine was able to deliver the second best operating result in its history. The group reported sales of EUR 4.4 billion and EBIT of EUR 223 million. Earnings per share amounted to EUR 1.99 and a dividend of EUR 1.20 per share was paid. Moreover, this success was maintained during the first quarter of 2003/04 with a marked improvement in sales and earnings compared to the first quarter of 2002/03.

voestalpine has a work force of approximately 23,000 employees of which roughly two-thirds (about 14,000) are employed in Austria.

Press contact:
OIAG
Viktoria Kickinger
Tel: +43 1 711 14 240
Mob.: +43 664 101 20 50
Fax: +43 1 711 14 5240
E-mail: viktoria.kickinger@oiag.at

THIS PRESS RELEASE IS NOT BEING ISSUED IN THE UNITED STATES OF AMERICA, CANADA AND JAPAN AND SHOULD NOT BE DISTRIBUTED TO UNITED STATES PERSONS OR PUBLICATIONS WITH A GENERAL CIRCULATION IN THE UNITED STATES. THIS DOCUMENT DOES NOT CONSTITUTE AN OFFER OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. IN ADDITION, THE SECURITIES OF VOESTALPINE AG HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD OR DELIVERED WITHIN THE UNITED STATES OR TO U.S. PERSONS ABSENT FROM REGISTRATION UNDER OR AN APPLICABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE UNITED STATES SECURITIES LAWS.

THIS PRESS RELEASE DOES NOT CONSTITUTE A PUBLIC OFFERING OR INVITATION TO SUBSCRIBE FOR OR PURCHASE ANY SECURITIES. THE PUBLIC OFFERING OF VOESTALPINE AG SHARES IN AUSTRIA WILL NOT COMMENCE BEFORE SEPTEMBER 12, 2003. ALL DECISIONS TO ACQUIRE SHARES IN VOESTALPINE AG HAVE TO BE MADE EXCLUSIVELY ON THE BASIS OF A PROSPECTUS. A PROSPECTUS ACCORDING TO THE AUSTRIAN CAPITAL MARKET ACT ("KAPITALMARKTGESETZ") IS DULY FILED AND PUBLISHED AND IS AVAILABLE DURING THE PUBLIC OFFERING FOR ALL INTERESTED PARTIES DURING ORDINARY OPENING HOURS AT THE SEAT OF VOESTALPINE AG, 4020 LINZ, VOEST-ALPINE STRAßE 1, AND AT ERSTE BANK DER OESTERREICHISCHEN SPARKASSEN AG, A-1010 WIEN, GRABEN 21 (KASSENSAAL, INFORMATIONSSCHALTER), AT BANK AUSTRIA CREDITANSTALT AG, A-1030 WIEN, VORDERE ZOLLAMTSSTRAßE 13, BZW. A-1010 WIEN, AM HOF 2, SOWIE A-1010 WIEN, SCHOTTENGASSE 6, AND AT RAIFFEISEN CENTROBANK AG, A-1015 WIEN, TEGETTHOFFSTRAßE 1. THE PUBLICATION OCCURRED ON SEPTEMBER 11, 2003 IN THE WIENER ZEITUNG.