DSM to sell DSM Energy to TAQA
(Thomson Reuters ONE) - Royal DSM N.V., the global Life Sciences and Materials Sciencescompany headquartered in the Netherlands, announces today that it hasreached an agreement with TAQA Abu Dhabi National Energy Company PJSCfor the sale of DSM Energie Holding B.V. (DSM Energy) for anenterprise value of EUR 285 million. The intended sale is expected toclose in Q3 2009, subject to regulatory approvals and notifications.The disposal consists of the participations which DSM has in oil andgas exploration and pipelines, including the 40% participation inNoordgastransport.DSM expects to realize a book profit of approximately EUR 275 millionafter tax on the sale. This profit will be reported as an exceptionalitem in the income statement at closing. DSM Energy realized netsales of EUR 161 million in 2008.Rolf-Dieter Schwalb, Chief Financial Officer of Royal DSM gave thefollowing comment: "The intended sale of the energy business isanother important step in DSM's accelerated transformation towards aLife Sciences and Materials Sciences company. As stated before, insuch a company there is no place for participations in oil and gasexploration and pipelines. These participations have a much betterstrategic fit with TAQA. I would like to thank all DSM Energyemployees for their continued support and substantial contribution."In September 2007 DSM announced that as a result of the acceleratedstrategic shift towards Life Sciences and Materials Sciences, anumber of businesses which do not fit in with the strategy would becarved out and divested. DSM's participations in oil and gasexploration and pipelines are part of these businesses.DSM Energy participates in the exploration and production of oil andgas on the Dutch Continental Shelf. DSM participates as non-operatorwith a stake of up to 25% in the oil and gas joint ventures and ownsinterests in pipelines, including its 40% stake in Noordgastransport.DSM Energy has a share in twenty producing oil and gas fields andparticipates in a number of gas field developments. All fields arelocated in 25 production licenses. In its strategy, DSM had chosennot to make any further investment and to dispose of its oil and gasinterests. Total production in 2008 was the equivalent of 1.8 millionbarrels of oil. The intended sale includes transfer of all thedecommissioning liabilities.Noordgastransport transports gas produced offshore through a systemof pipelines from gas fields in the North Sea to a processing plantin Uithuizen in the north of the Netherlands. Here, the gas istreated so that it matches customers' specifications, before beingdelivered to these customers.TAQA Abu Dhabi National Energy Company PJSC is a global energycompany with 2008 revenue of more than AED 16 billion (US$ 4.4billion). TAQA is a flagship corporation for the Government of AbuDhabi. In the Netherlands, TAQA acquired BP Netherlands' gasexploration and production assets including onshore, offshore andstorage facilities in 2007, located in the Dutch Continental Shelf ofthe North Sea and in the region of Alkmaar in the North Western partof the Netherlands.The intended sale is dependent on regulatory approvals andnotifications and will be submitted to the works councils accordingto the usual procedures. DSM Energy employs 6 people. They will alltransfer to the new owner.Investors and analysts callA conference call for investors and analysts will be held from 10.15AM - 10.45 AM CET. Dial-in numbers are +31 70 304 33 71 (ContinentalEurope) and +44 207 216 0106 (United Kingdom) for analysts andinvestors and +31 70 304 33 15 for journalists. A replay will beavailable.DSM - the Life Sciences and Materials Sciences CompanyRoyal DSM N.V. creates innovative products and services in LifeSciences and Materials Sciences that contribute to the quality oflife. DSM's products and services are used globally in a wide rangeof markets and applications, supporting a healthier, more sustainableand more enjoyable way of life. End markets include human and animalnutrition and health, personal care, pharmaceuticals, automotive,coatings and paint, electrical and electronics, life protection andhousing. DSM has annual net sales of EUR 9.3 billion and employs some23,500 people worldwide. The company is headquartered in theNetherlands, with locations on five continents. DSM is listed onEuronext Amsterdam. More information: www.dsm.comFor more information:DSM Corporate Communications DSM Investor RelationsHerman Betten Hans Vossentel. +31 (0) 45 tel. +31 (0) 45 57828645782017 fax +31 (0) 45 5782595fax +31 (0) 45 e-mail5740680 investor.relations(at)dsm.come-mail media.relations(at)dsm.comhttp://hugin.info/130663/R/1331342/314965.pdfThis announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 29.07.2009 - 07:15 Uhr
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