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ots Ad hoc-Service: Flughafen Wien AG <AT0000911805> Share Buyback

Vienna (ots Ad hoc-Service) -

Ad hoc-announcement edited and sent by DGAP. The sender is solely
responsible for the contents of this announcement.
Flughafen Wien AG announces Share
Buyback and Restructuring of Ownership
The management board of Flughafen Wien AG (Vienna International
Airport; "VIE") has today announced details of the company's plans to
buy back 10% of the company's share capital by way of an open offer
to shareholders. As part of the overall scheme, the ownership of the
company is being restructured such that by the end of the process the
City of Vienna and the Region of Lower Austria will have increased
their shareholdings from 17.38% each to 20% each and ÖIAG, the
Austrian state industrial holding company, will have reduced its
17.38% shareholding to zero.
THE SHARE BUYBACK VIE will shortly be calling for an Extraordinary
General Meeting ("EGM") on 15 November to seek shareholder approval
for the buyback by VIE of 10% of the company's share capital. In
order to ensure equal treatment of all shareholders, the buyback will
be by way of an open offer - subject to approval of the Austrian
Take-Over-Commission. The price has today been fixed at EUR 45 per
share. The closing price of VIE's shares yesterday, 19 October, was
EUR 38.20. Full details of the buyback will be published in due
course.
The buyback shares will be placed in an independent trust
established to hold the shares for the benefit of employees of Vienna
International Airport. The dividends from the shares held by the
trust will be used to replace the current employee programme which
sets aside 6% of EBIT for distribution amongst employees.
RESTRUCTURING OF OWNERSHIP Earlier this year ÖIAG made known its
intention to effect an orderly disposal of its 17.38% shareholding in
VIE. On 20 October 2000 ÖIAG sold 550,000 shares to each of the City
of Vienna and Lower Austria, which now each own 20% of VIE. Neither
the City of Vienna nor Lower Austria intend to change their ownership
of VIE for the foreseeable future; neither will participate in the
share buyback and they have both relinquished their pre-emptive right
to purchase the remaining shares in VIE held by ÖIAG. ÖIAG currently
owns 12.14% of VIE and has declared its intention to participate in
the share buyback. Following the share buyback ÖIAG intends at an
appropriate time to dispose of its remaining shares in the market in
an orderly fashion and subject to market conditions.
BENEFITS TO SHAREHOLDERS AND EMPLOYEES The overall share buyback
and ownership restructuring scheme has been developed by the
management board of VIE to provide a number of key benefits:
- the share buyback will return surplus cash to shareholders,
improve the company's capital structure and improve its WACC
(weighted average cost of capital). - the overall state-related
shareholding will fall to 40 per cent of the share capital. VIE will
become one of only 3 listed airports in Europe where the state owns
less than 50 per cent of the share capital. - the dividends paid on
shares held by the independent trust will be distributed to
employees, thereby aligning the interests of employees more closely
to those of shareholders. By replacing the existing employee
programme VIE's EBIT will be increased by 6%.
Commenting on the scheme, Herbert Kaufmann, speaker of the
management board of VIE, said: "I am delighted to announce these
proposals which have been developed in close consultation with our
shareholders and employees. The scheme clearly demonstrates the new
management team's commitment to creating shareholder value and
incentivising employees."
The share buyback and the disposal of ÖIAG's remaining stake in
VIE are being organised by UBS Warburg and CAIB together.
End 
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