GL: New shareholder Structure to Safeguard Independence

Friday, December 15, 2006
At a shareholders' meeting, Germanischer Lloyd's Executive Board announced the successful defense against the hostile takeover bid by a French competitor. The binding purchase offer by the Hamburg entrepreneur Günter Herz, with secure long-term perspectives for the Society, met with the approval of shareholders who were willing to sell. More than 40% of the shares changed hands. The Executive Board of Germanischer Lloyd has already approved the transfer of these registered shares. Last week, Günter Herz made all shareholders a firm and unconditional offer, with the aim of safeguarding the independence of the Society and the Hamburg location.

With this Hamburg Solution, Germanischer Lloyd will be able to continue its business model. For Executive Board Member Dr. Hermann J. Klein, this rapid response will yield only benefits for the customers, employees and shareholders alike. The Executive Board and Supervisory Board convened a second meeting for shareholders to provide further details about the future business development of the Society.

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