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Vienna, 7 August 2008. STRABAG SE sees a need to boost the equity ratio of Ed. ZÜBLIN AG in order for the company to remain competitive internationally. Due to the weak equity ratio of the Stuttgart-based company, STRABAG SE, as majority shareholder (57%), made a motion for a capital increase of € 150 million, which was to be submitted to a vote at the ZÜBLIN annual general meeting on 5 August 2008.
Co-shareholder Lenz thereupon made a separate motion for a capital increase, which STRABAG SE would have seconded had Lenz actually participated in the capital increase it had proposed itself. But Lenz apparently was not prepared to do so: during the general meeting, the minority shareholder withdrew its motion for a capital increase. At the same time, Lenz voted against the motion by STRABAG SE, so that no fresh capital will flow into ZÜBLIN. This would have required a 75% majority of the capital.
Supervisory board chairman Dr. Thomas Birtel expressed his disappointment after the meeting: “I find it regrettable that, with their blockade, the Lenz family seriously inhibit Ed. ZÜBLIN AG’s chances for growth.”
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STRABAG SE is one of Europe’s leading construction groups. With about 63,000 employees, STRABAG expects to generate a construction output volume of € 12.4 billion in the 2008 financial year. From its core markets of Austria and Germany, STRABAG is present via its numerous subsidiaries in all countries of Eastern and South-East Europe, in selected markets in Western Europe and on the Arabian Peninsula. STRABAG’s activities span the entire construction industry (Building Construction and Civil Engineering, Transportation Infrastructures, Tunnelling) and cover the entire value-added chain in the field of construction. More information is available at www.strabag.com
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