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06.12.2002

Abengoa now controls 97% of Befesa’s capital

Abengoa has increased its stake in Befesa to 96.9% of the capital. The Andalusia industrial group informed the NSEC (CNMV in Spanish) yesterday of the acquisition for €17.13 million of the 4.24% stake held by the Basque company Servicios Ecológicos (Serveco) in Befesa.

The agreed on price was €14.87 per share, equivalent to what Abengoa offered in its takeover bid for Befesa in 2000. This price represents a 6.2% premium on the Abengoa subsidiary’s closing price yesterday of €14 per share.

The Benjumea-family-controlled company will hold its ordinary shareholders’ meeting on June 30, at which it will present a proposal to assign €12.66 million to payment of dividends, thus maintaining its customary pay out – portion of profits assigned to dividends – at 30%. In addition, according to Bloomberg, the engineering company estimates that 23% of billing foreseen for the present financial year will be from the bioethanol sector.