Bureau Veritas to Make Improved Offer for GL

Monday, December 11, 2006
Bureau Veritas is preparing an improved offer for presentation later this week to the shareholders of Germanischer Lloyd, as it pushes ahead with its plan to combine the strengths of the two societies to create a new global leader in ship classification, based in Hamburg. The original Bureau Veritas share acquisition offer was presented to Germanischer Lloyd shareholders on November 9, since which time other potential investors have reportedly declared an intention to acquire an interest in the Hamburg-headquartered classification society. But Bureau Veritas is confident that the revised terms of its new offer will be attractive to Germanischer Lloyd shareholders, while creating a long-term global market leader in maritime classification in Hamburg.

Bureau Veritas has written to the Germanischer Lloyd shareholders during the past week informing them that the offer submitted on November 9 is currently under review. Bureau Veritas will announce its revised offer in time for the Germanischer Lloyd shareholders' meeting scheduled for December 18 in Hamburg. Bureau Veritas is currently analyzing information on potential rival offers. According to media reports, a private investor in Hamburg wants to acquire up to 100 percent of Germanischer Lloyd.

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