-------------------------------------------------------------------------------- Disclosure announcement transmitted by euro adhoc. The issuer is responsible for the content of this announcement. --------------------------------------------------------------------------------
23.11.2006
• 100% acquisition of Tewefa Factoring AG • Additional receivables turnover: EUR70 million • Purchase price = 4 x 2007 EBIT • Consolidation on 1 December 2006
Dresdner Factoring AG, one of the leading factoring providers for small to medium-sized companies with a receivables turnover of up to EUR5 million, is taking over 100% of Tewefa Factoring AG, Frankfurt. The purchase price amounts to four times the EBIT expected for 2007. With this transaction, Dresdner Factoring is taking over a receivables turnover of about EUR70 million, which is generated by experienced members of staff who in some cases have been with the company for 15 years. The previous principal shareholder and management board chairman, Helmut Schlitt, is selling for age reasons and will be retiring; however, he will remain with the company in an advisory capacity for the next two years. The acquisition will be consolidated on 1 December 2006.
end of announcement euro adhoc 23.11.2006 11:48:28 --------------------------------------------------------------------------------
ots Originaltext: Dresdner Factoring AG Im Internet recherchierbar: http://www.presseportal.de
Further inquiry note: Dresdner Factoring AG Klaus Sauer +49.351.888 55 110
