Milestone on the path to becoming the leading Swiss energy corporation

Following successful completion of the public swap offer, Atel Holding Ltd now holds 99.82 percent of electricity group Aare-Tessin Ltd. for Electricity (Atel). The next steps to achieving full control and the planned merger with EOS and possibly also the Swiss activities of the EDF Group have now been initiated.

Atel Holding Ltd: Swap offer completed; next steps initiated

Atel Holding Ltd has completed the exchange of shares in Aare-Tessin Ltd. for Electricity for shares in Atel Holding Ltd and compensated shareholders in cash for surplus fractions. This marks the successful conclusion of the public swap offer published on 12 November 2007, with Atel Holding Ltd now holding 99.82 percent of Atel shares. In addition, the next steps which will ensure that Atel Holding Ltd achieves full control over Atel have been initiated. These are the declaration of annulment, under the terms of the Federal Act on Stock Exchanges and Securities Trading, of the 0.18 percent of Atel shares not offered for exchange, and the subsequent delisting of Atel shares from the SIW Swiss Exchange. This procedure should be completed by mid-2008. The next steps in the pre-merger process, including the valuation of assets, have also been initiated. An important milestone has thus been reached with the simplification of the shareholder structure and creation of a single holding company, the latter being a prerequisite for the merger with EOS and possibly also the Swiss activities of the EDF Group. The result will be the leading Swiss energy company geared towards Europe.

Atel Holding Ltd