07. december 2000
The Ministry has been informed that after a thorough analysis of the offers received Deutsche Bahn has come to the conclusion that at the current stage and on the basis of the received offers Deutsche Bahn will not be able to retain the consent of the various relevant bodies for a sale of Scandlines AG. Deutsche Bahn is therefore not in a position to continue the sales process at this point of time any further.
The Danish Minister for Transport Mr. Jacob Buksti has the followings comments in this respect:
-The sales process has been going on for some time. I am happy to conclude that there has been a substantial interest for Scandlines AG. In my opinion the price levels offered reflects the fact that the market has valued the company in positive terms.
-The Ministry for Transport of course respects the decision of Deutsche Bahn. A separate release will be issued by Deutsche Bahn.
The decision not to sell however requires some initiatives from the shareholders. It has thus been agreed between the Ministry and the Management Board of Deutsche Bahn to meet in Copenhagen very soon in December. The purpose of the meeting is to set up a clear framework for the management of the company and the following issues will be relevant to discuss:
· The decision to discontinue the sales process does not mean that in the future there may not be an opportunity to agree on mutual cooperation about a sale of Scandlines AG, how-ever it is vital that the shareholders now give the manage-ment sufficient time to run the company in a way that will be to the benefit of the shareholders and the employees in the company.
· The shareholders will consider ways to further strengthen-ing the relationship with Stena that through the ownership of Scandlines AB is today cooperating with Scandlines AG on a number of routes in the Baltic.
These and other relevant issues will be discussed between the shareholders before the next meeting in the Supervisory Board of Scandlines AG on 20th December 2000 so that the Management Board of the company knows exactly the framework for their work in the years to come.