Fraport AG Frankfurt Airport Services Worldwide

euro adhoc: Fraport AG Frankfurt Airport Services Worldwide
Mediation between Fraport and Ticona

@@start.t1@@--------------------------------------------------------------------------------   Disclosure announcement transmitted by euro adhoc. The issuer is responsible   for the content of this announcement. --------------------------------------------------------------------------------@@end@@


Fraport AG and Celanese AG/Ticona GmbH today, on November 29, 2006, signed a Letter of Intent (LOI) with the goal of - based on still-to-be-negotiated final contracts - ending Ticona’s production at the Kelsterbach plant on June 30, 2011, and of transferring, following removal of all plant infrastructure, all related properties at the Kelsterbach location to Fraport AG. Properties, required for the new landing runway will be transferred immediately after conclusion of the final contracts.    Celanese/Ticona will carry out rehabilitation of the properties that possibly may be required. With the conclusion of the final contracts Celanese/Ticona will rescind its objections and legal claims against the existence and Frankfurt Airport’s expansion.  Thus, this will eliminate an essential risk for the timely start of operations of the northwest landing runway.

The LOI is  subject to the approval of the  supervisory board of Fraport AG. The meeting of the supervisory board on December 15, 2006 will decide upon this. On the yesterday’s evening - November 28, 2006, the supervisory board was informed about the essential contents of the planned LOI. The supervisory board gave indication that no fundamental objections to the signing of the LOI by the executive board of Fraport AG do exist.

In return,  Fraport AG will pay Celanese/Ticona an amount of 650 million euros.  A partial payment of 20 million euros will be paid ultimate during the remainder of 2006, so that Celanese/Ticona can immediately begin with planning the relocation of its chemical plant. The remaining amount will be paid in different tranches between 2008 and 2011.

The employees of Ticona that will not remain with the company shall be employed by a labour service company to be founded by Fraport AG in which the State of Hesse shall have a participation, as well.

Based on the LOI, negotiations for the final contract are planned for the first quarter of 2007.  Fraport AG’s Executive Board will strive to present the final contracts (which require approval of the board of Celanese Corp.) on the basis of a binding offer from Celanese/Ticona to the Annual General Meeting (AGM) on May 30, 2007, for voting decision and - on the basis of the AGM’s consenting, legitimate vote - to conclude the final contracts.

Precondition for Celanese’s/Ticona’s conclusion of the final contracts is, that the receipt of the 650 million euro payment will be fundamentally tax neutral.  -ENDS-

@@start.t2@@end of announcement                                                 euro adhoc 29.11.2006 00:58:49

ots Originaltext: Fraport AG Frankfurt Airport Services Worldwide
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Further inquiry note:
Stefan J. Rüter
Leiter Investor Relations
Telefon: +49(0)69 690-74842

Branche: Transport
ISIN:      DE0005773303
WKN:        577330
Index:    MDAX, CDAX, HDAX, Classic All Share, Prime All Share, Midcap
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