In today’s regular Supervisory Board meeting of the European Energy Exchange AG (EEX), board members unanimously approved the transfer of all shares in EEX previously held by Landesbank Baden-Württemberg (LBBW), totaling 22.96 percent.
After meeting all of the terms set out by the agreement concluded between the two EEX shareholders, Eurex Zürich AG (Eurex) and LBBW at the end of December 2010, Eurex will acquire the majority of LBBW’s shares.
In accordance with the consortium agreement and the contractually agreed upon rights of tender contained therein, LBBW was obligated to offer its shares on a pro rata basis to other EEX shareholders. 31 of these 40 EEX shareholders chose to forego a proportional increase in their stake during the tendering process. Eurex’s current shareholding of 35.23 per cent in EEX will therefore rise to 56.14 percent (an increase of 20.91 percentage points). Eurex will pay approximately EUR65 million to LBBW for the shares acquired.
The transaction has been approved by the relevant supervisory bodies, including the Exchange Supervisory Authority in Saxony, the Federal Financial Supervisory Authority (BaFin) and the German Federal Cartel Office. The necessary approval has also been granted by the bodies of the seller (LBBW) and the buyer (Eurex Zürich AG). Together with the approval of the EEX Supervisory Board, this means that all of the conditions for the immediate execution of the transaction have now been fulfilled.