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Dürr AG submits a firm bid for Schenck

10/29/1999

Carlyle and Dürr's project until now to jointly acquire Schenck and Spectris has been modified.

Dürr AG Stuttgart has submitted a firm bid for a 76.4% share in Carl Schenck AG Darmstadt. These 76.4% are composed of 51.4% and 25% owned by AGIV and Haraldt Quandt Beteiligungsverwaltung respectively.

The acquisition of 76.4% is subject to the approval of AGIV's shareholders' meeting. Having gained a qualified majority according to the code of takeovers, Dürr will submit an offer of cash payment to Carl Schenck AG's minority shareholders.

Dürr considers the acquisition of Schenck to be a useful addition to its own portfolio, especially with regard to production equipment in the automotive industry and a possibility to branch out into new industries.