Huhtamaki Acquires Van Leer Group Foundation's Shareholding Through Dutch

Huhtamaki Acquires Van Leer Group Foundation's Shareholding Through Dutch Subsidiary Huhtamaki Finance B.V., a Dutch subsidiary of the Finnish-based packaging company Huhtamäki Oyj ("Huhtamaki"), has agreed to purchase the parent company's shares currently held by Stichting Van Leer Group Foundation. The Dutch institution is one of the company's two principal shareholders. The transaction results from the Foundation's desire to find a new owner for the shares, which it bought in 1999 following Huhtamaki's public offer for Royal Packaging Industries Van Leer N.V. The Foundation's shareholding in Huhtamaki amounts to 4.6 million shares or 14.6% of the shares outstanding. Huhtamaki Finance B.V. will pay EUR 34.59 per share, the trade-weighted average price on Helsinki Exchanges for the two weeks preceding Friday, September 7. Hence, the total consideration will be approx. EUR 159 million. Stichting Van Leer Group Foundation wanted to sell its Huhtamaki shares, because the original reason for becoming a shareholder no longer applied. Earlier this year, Huhtamaki sold the Van Leer industrial packaging division and had to stop using the Huhtamaki Van Leer name adopted in late 1999. Mr. Ivar Samrén, Deputy Chairman of Huhtamaki's Board of Directors, and the Foundation's other representative in Huhtamaki's Board, Mr. Harry Leliveld, have announced their immediate resignation from the Board. Huhtamaki has recently conducted a share repurchase program for 1.6 million shares or 5% of the shares outstanding. The present transaction will bring the amount of shares held by the parent company or its subsidiaries to almost 20% of the total. As soon as the present transation is technically completed, Huhtamaki's Board will address its consequences. An extraordinary shareholders' meeting is required for a reduction in the company's share capital through invalidating the repurchased shares. The change in the company's ownership structure will also prompt amendments to its Articles of Association. CEO Timo Peltola's comment "The repurchase of the Huhtamaki shares held by the Van Leer Group Foundation will be beneficial for all shareholders. It will strongly enhance earnings per share, as the reduction in the number of shares will clearly outweigh the cost of serving new debt associated with the transaction. At the same time, the company's balance sheet structure and level of debt will reach our long-term target level," said Huhtamaki's CEO, Mr. Timo Peltola. Analyst and media conference An analyst and media conference will be held on September 12, 2001 at 13.30 PM at the company Headquarters, Länsituulentie 7, 02100 Espoo (Tapiola). CEO Timo Peltola and CFO Timo Salonen will explain details of the transaction and analyze its effects. Inquiries: Mr. Timo Salonen, CFO, Huhtamäki Oyj, Tel. +358-9-6868 8401 HUHTAMÄKI OYJ Timo Salonen Markku Pietinen Chief Financial Officer Group VP IR & Communications ------------------------------------------------------------ Denna information skickades av Waymaker http://www.waymaker.se Följande filer finns att ladda ned: http://www.waymaker.net/bitonline/2001/09/12/20010912BIT00020/bit0001.DOC http://www.waymaker.net/bitonline/2001/09/12/20010912BIT00020/bit0002.pdf