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OPA Pirelli Cables Australia Ltd.

Milan, January 5 2001 – Pirelli Cavi e Sistemi SpA informs
that it has successfully completed the cash takeover offer for all
the issued ordinary shares of Pirelli Cables Australia Ltd (“PCAL”)
to which it was not entitled, with the final purpose of delisting
PCAL’s shares from the Australian Stock Exchange.

The offer, announced in October, has begun on November 16 and
was ended on December 27; on January 4, 2001, the Australian Stock
Exchange has removed PCAL from the official list of the
exchange.

The successful result of the operation is confirmed by the
achievement of a capital share of more than 98%. The subsequent
“compulsory acquisition” (squeeze out) of the remaining 2% of the
share capital will be ending at the beginning of February. The
total consideration for the operation amounts at approximately A$
35.8 million.

Categories: Institutional