Takeover Board recommendation

The three companies Motor-Columbus AG of Baden, Aare-Tessin Ltd. for Electricity (Atel) of Olten, and Società Elettrica Sopracenerina S.A. (SES) of Locarno, report on a recommendation by the Swiss Takeover Board. The background to this recommendation is the sale, agreed on 29 September 2005 but not yet executed, of UBS’ 55.6 % stake in Motor-Columbus. Motor-Columbus owns a 58.5 % interest in Atel, which in turn holds 59.5 % of SES.

The recommendation of 11 November 2005 by the Swiss Takeover Board releases Aare-Tessin Ltd. for Electricity (Atel) from the obligation to make a public tender offer for all the shares in Società Elettrica Sopracenerina S.A.. This obligation arose out of the signing of the consortium agreement between EDF International, EOS-Holding, a consortium consisting of Elektra Birseck, Elektra Baselland, Canton Solothurn, IBAarau, Aziende Industriali di Lugano SA and Wasserwerke Zug AG plus Atel, which was concluded at the same time as the contracts of 29 September 2005 relative to the purchase of UBS’ 55.6 % stake in Motor-Columbus AG by these parties.

Aare-Tessin Ltd. for Electricity Corporate Communications