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La Seda De mulls integrating operations with Indorama
04
Aug '08
On July 24th, this Committee was informed that there had been contacts with Indorama Ventures Limited in connection with a plausible study of a potential integration transaction of both groups.

By way of clarification and extension of information for shareholders and investors, it is highlighted that both groups consider that an integration of their operations and consolidation of the global market for PET-PTA, will benefit shareholders of both groups, in acquiring the necessary size and global presence.

It has been agreed to initiate a process of exchanging information between the two groups to make progress in analyzing the possible operation to be performed.

The design of the operation, its legal structure in relation to the assets that would eventually be included, are areas where there is still no clear option.

Regarding the financial structure of the transaction, is being defined, though it will not involve any disbursement by the current shareholders of La Seda, since it is expected that an operation be a full exchange of shares. Nor it is defined the overall financing of the group.

This transaction is subject to intervention by market authorities, competition, contractual commitments of funding, and so on. Any transaction will be conditioned to the strict compliance of the necessary permits and approvals in this respect, including audits and independent valuations.

The partner is the company Indorama Ventures Ltd. However it is not defined what subsidiaries / activities will come into operation, which could include the listed Indorama Polymers Ltd.

In due course, once there is a specific operation, La Seda will communicate it appropriately and submit it for approval by the general shareholders meeting.

We want to show that this type of operation, by nature, require a long process of structuring realization, while it also implies uncertainty about its success.

The two axes that are being pursued with this operation are creating greater value for share and a worldwide project, that would allow to operate globally.

LA SEDA DE BARCELONA S.A.


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