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06.08.2009

Befesa acquires production assets from German company Agor

Madrid, 8 June 2009. Befesa has today signed an agreement to acquire the complete production assets of the German companies Aluminium-Salzschlacke Aufbereitungs GMBH and Alsa Süd GmbH, the 100% owned subsidiaries of the company Agor AG that specialise in treating and recycling salt slags and which are currently insolvent, for €23.4 million.

The assets acquired by Befesa comprise three production plants in the German municipalities of Hanover, Lünen and Töging with a combined treatment capacity of 380,000 tonnes of waste per year and which are equipped with the most advanced technology in the market. The external financing has been provided by Commerzbank as part of a non-recourse transaction. Befesa has been advised by the investment bank Lincoln International.

Salt slags are a waste product of recycling aluminium waste. The recovery process aims to separate the metal aluminium, the salt and the aluminium oxide in order to reuse them. This activity completes the aluminium waste recovery cycle and the integral use of aluminium-containing waste.

Befesa currently has two plants for recycling this type of waste, one in Valladolid (Spain) and the other in Wales (UK), with a combined capacity to manage 230,000 tonnes per year. However, this acquisition will make Befesa the leading salt slag recycling company in Europe with five production plants strategically distributed across the continent.

For Javier Molina, Chairman of Befesa, this acquisition makes excellent strategic sense for the company since, "it makes us the European leader for salt slag treatment and consolidates our leadership position in Europe for industrial waste recycling".

Befesa, the environmental services subsidiary of Abengoa, focuses on providing environmental services to industry and the construction of environmental infrastructures. It is a public listed company with a market capitalisation in excess of €325 million (close 2008). (www.befesa.com).