Announcement of Decision to Issue a
Takeover Offer to the
Consors Discount-Broker AG
-German Securities Identification Number 542700-
BNP Paribas ("BNP Paribas"), 16, boulevard des Italiens, 75009 Paris, France, signed on April 29, 2002 a share purchase agreement with SchmitdtBank Beteiligungs Holding GmbH, Hof/Saale, concerning the acquisition ("Majority Acquisition") of a 66.43% participation in Consors Discount-Broker AG ("Consors"). The Majority Acquisition is subject to conditions precedent. BNP Paribas expects the Majority Acquisition to become effective in the near future.
Against the background of the Majority Acquisition, BNP Paribas decided today to offer to the outside shareholders of Consors to acquire their shares for a purchase price of euros 12.40 per Consors Share by way of a takeover bid in accordance with the new German takeover act. BNP Paribas will launch the takeover offer as soon as all legal prerequisites for the publication of the offer document have been met. If the Majority Acquisition had not been closed on such date, the takeover offer would have to be subject to the fulfillment of the conditions precedent to be executed by SchmitdtBank Beteiligungs Holding GmbH.
The offer document will be published on the internet at www.bnpparibas.de.