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Foundry Daily News

15. May 2007

Voestalpine CEO to inform Boehler-Uddeholm board of integration plans - report

Boehler-Uddeholm AG 's board of directors will receive additional details today on how voestalpine AG  plans to integrate Boehler as a new 'fifth division' if its bid for the speciality steelmaker is accepted, the Viennese daily Der Standard reports.

Der Standard cites unnamed sources from both firms as confirming that voestalpine CEO Wolfgang Eder will present his integration strategy to Boehler-Uddeholm's board at its regular Monday meeting.

According to the newspaper, finance and banking circles remain sceptical about voestalpine's chances of meeting a central condition for its bid, namely gaining at least a 50 pct stake in Boehler-Uddeholm.

Der Standard points out that various analysts have set target prices of above 80 eur for Boehler-Uddeholm and bankers have said that voestalpine is unlikely to be able to raise its bid above 75 eur without undertaking a capital increase - something the company has firmly ruled out.

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