PinguinLutosa signs principle agreement on sales of Lutosa division

The Board of Directors of PinguinLutosa have reached a principle agreement on the proposed sale of the Lutosa division.

A term sheet was signed in which the entreprise value has been fixed on 225 million euro and the transaction is subject to the fulfilling of a number of conditions which are common in similar transactions (including confirming due diligence, acceptance by the competition authorities and acceptance by the Board of Directors of the buyer).

PinguinLutosa expects to sign the final agreements by the end of September 2012 and to finalize the transaction before the end of the year.

In accordance with a confidentiality commitment PinguinLutosa has entered into, the name of the buyer can only be made public at the moment of closing of the negotiations.

At the closing of the transaction PinguinLutosa will provide more extensive information on the transaction itself and the impact on the balance sheet and the activities of the Group.