“I am being identified very strongly with the failed merger last autumn of Sulzer and Sulzer Medica due to shareholder resistance. For Sulzer I therefore represent an additional point of attack in the current takeover attempt“, explains Ueli Roost. “After careful consideration, I therefore concluded that my immediate resignation would best meet the interests of Sulzer.“
Both Boards of Directors respect Ueli Roost’s decision, and express their full appreciation for his services. Leonardo Vannotti has been appointed Chairman of the Sulzer Ltd Board of Directors with immediate effect, and will chair the forthcoming Annual General Meeting on April 19, 2001. Max Link, currently Vice-Chairman of the Sulzer Medica Ltd Board, is today appointed Board Chairman of this publicly listed Sulzer subsidiary.
The new Sulzer Ltd Board Chairman Leonardo Vannotti comments as follows on current developments: “With the Sulzer Medica spin-off planned for this year, we shall be well on course for a successful future. Both companies have well-founded strategies promising significant value creation. In the interests of our shareholders, we must therefore ensure at the coming Annual General Meeting that InCentive Capital AG does not take control of Sulzer.“
As previously warned by Sulzer, InCentive's AGM resolutions, seeking a replacement of the Sulzer Board by nominees of InCentive, constitute an attempt to take control of Sulzer before the bid is concluded. Sulzer therefore recommends that its shareholders vote against InCentive's resolutions at the AGM. Sulzer rejected the pre-announced bid on 23 February, arguing that the bid is too low and highlighting InCentive's lack of strategy.
Media information: Leonardo Vannotti, Max Link and Ueli Roost will be available from 10 to 11 a.m. today Monday, March 26 in Winterthur (Zürcherstrasse 12) for brief statements on Sulzer Corporate developments. Please apply in this connection to Markus Niederhäuser (see phone number above). |