PRESS RELEASE
20/07/2001

The offer by Dexia for Kempen & Co largely accepted

Dexia BIL will hold 99,31% of Kempen&Co's capital.

The takeover bid by the Dexia Group, through its subsidiary Dexia Banque Internationale à Luxembourg (Dexia BIL), for all the shares of Kempen & Co., was closed on 19 July 2001, in accordance with the timetable for the operation.

It was accepted by a very large majority: 11 024 190 ordinary Kempen shares were tendered, representing 87.44% of Kempen's total issued and outstanding share capital. Furthermore, 1 496 500 ordinary shares are already in Dexia BIL's possession. After delivery of the tendered ordinary shares, Dexia BIL will hold 99.31% of the total issued and outstanding ordinary shares in Kempen. The bid is declared unconditional. After informing the partners concerned, Dexia BIL will take up the shares according to the conditions stipulated in the bid within the applicable time limit but not later than 25 July 2001.

The Dexia Group is delighted with the very great success of its bid, which will enable it to immediately initiate the merger process of Kempen & Co. with Bank Labouchere, to form "Dexia Bank Nederland", with the objective of completing the merger before the end of the year 2001.

Kempen Shareholders who have not yet tendered their Kempen Shares will be given the opportunity to tender their Kempen Shares until 15 August 2001, 3.00 p.m. Central European Time (9.00 am New York City time).

Contacts:

Dexia BIL

  • Christiane Schmit tél. +352 4590 3517
  • Guy Bertemes tél. +352 4590 3879

Kempen:

  • Wouter Berkhout tél. +31 20 5571571

Labouchere:

  • Anne-Miek Ham tél. +31 20 5209345