STOCK EXCHANGE RELEASE 26 Mar 1999
FINVEST OYJ PUBLISHES THE PROSPECTUS REGARDING THE SALE OF JAAKKO PÖYRY GROUP OYJ'S SHARES
INFORMATION REGARDING NEGOTIATIONS BETWEEN JAAKKO PÖYRY GROUP AND ELECTROWATT ENGINEERING Ltd'S OTHER SHAREHOLDERS
Finvest Oyj publishes the prospectus regarding the sale of Jaakko Pöyry Group Oyj's shares on March, 29 1999. The prospectus is available at the Mandatum Bank Oyj's premises.
The Jaakko Pöyry Group on January 11, 1999 exercised its option to acquire a majority shareholding (70%) in Electrowatt Engineering AG of Switzerland. During the acquisition, negotiations were begun with the other shareholders of Electrowatt Engineering Ltd regarding the exchange of their shareholdings for shares in Jaakko Pöyry Group Oyj.
Negotiations have been continued with the other shareholders of Electrowatt Engineering Ltd (EWE) concerning the possibility of exchanging their shareholdings for shares in Jaakko Pöyry Group Oyj. In the course of these negotiations, Jaakko Pöyry Group Oyj on March 9, 1999 submitted a proposal for purchasing Göhner Stiftung's 20.0 per cent shareholding, assuming the sales price to be paid in the form of Jaakko Pöyry Group Oyj's own shares. Göhner Stiftung has submitted a counter-proposal, whose content differs somewhat from that submitted by Jaakko Pöyry Group Oyj. Taking into account the terms, price level and method of payment of these proposals, the proposed deal is most likely to take place in the near future. The pricing of EWE's shares is largely based on the same pricing principles as those used in the deal concluded in January 1999. The price of Jaakko Pöyry Oyj's share used in the proposals is based on the parties' conception of the current market price. Jaakko Pöyry Group Oyj's Board of Directors decided on March 18, 1999 to continue negotiations and explore the possibilities of also acquiring Nordostschweizerische Krafwerke AG's 10.0 per cent shareholding in EWE on corresponding terms.
JAAKKO PÖYRY GROUP OYJ
For more information, please contact:
Mr. Erkki Pehu-Lehtonen, President and CEO, Jaakko Pöyry Group Oyj, tel. +358-9-8947 2999
Mr. Teuvo Salminen, Executive Vice President, Jaakko Pöyry Group Oyj, tel. +358-9-8947 2872