HEW takes over Bewag shares from Mirant

HEW takes over Bewag shares from Mirant Bewag will become substantial part of Vattenfall Europe On 11 February 2002 Hamburgische Electricitäts-Werke AG, HEW, acquired the 44.8 percent of the shares in Bewag held by Mirant. The basis for the acquisition of the Bewag shares is an agreement between the Vattenfall Group and Mirant dating from 3 December 2001. The agreed purchase price amounts to US$ 1.632 billion. This acquisition means that HEW holds 89.6 percent of the shares in the Berlin company of Bewag AG, and 92.1 percent of the votes. It also means that all obstacles for integrating Bewag into the "Vattenfall Europe" Group have been overcome; Bewag is set to become a substantial part of "Vattenfall Europe". As early as August 2000 HEW had set itself the task of acquiring a majority holding in Bewag, and combining the companies of HEW, Bewag, LAUBAG, and VEAG into one group to create a powerful competitive force on the German electricity market. The process was initiated in the common understanding that each of the four companies were too small to survive in a stand alone position. Vattenfall AB, Stockholm, with 73.8 percent the majority shareholder in HEW, has the vision of being a leading European energy company. The Nordic Countries ountries, Poland, and Germany are the home market for the Vattenfall Group, and in this context HEW has provided the Vattenfall platform for growth on the German market. Issued by Vattenfall's Press Office, telephone +46 8 739 50 10. For further information, please contact: Martin May, Vattenfall Deutschland, telephone +49 40 37 47 22-14, mobile +49 172 4291248. Vattenfall AB: Karl-Erik Olsson, telephone +46 8 739 75 83. Vattenfall's vision is to be a leading European energy company. Vattenfall's main products are electricity and heat. Today, Vattenfall generates power and supplies energy to several million customers in the Nordic region and northern Europe. The largest electricity customers are industrial plants and energy companies. The Group's net sales in 2001, excluding operations in Germany, are estimated to over EUR 4.2 billion. For more information, see www.vattenfall.com. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/02/12/20040817BIT21070/wkr0001.pdf