Swiss Life has published the offer document approved by the German Federal Financial Supervisory Authority for its voluntary public takeover bid to the shareholders of AWD Holding.

The takeover bid is made in the form of a cash offer of E30 per share and is addressed to all the company’s shareholders. The acceptance period ends on February 22, 2008. The price represents a premium of 35% above the volume-weighted average price for the last three months. AWD’s management board has pledged its support for the offer. Together, the Maschmeyer family and Swiss Life already hold around 46% of the shares in AWD.

With this offer, Swiss Life aims to obtain a majority interest in AWD. The offer does not envisage a minimum acceptance threshold. The location of the AWD Group’s headquarters will remain in Hanover even after Swiss Life acquires a majority stake. The company will also continue to be listed on the stock exchange until further notice. As founder, major shareholder and CEO of AWD, Carsten Maschmeyer will remain at the head of the company for at least another five years and ensure the success of AWD’s further development.

Rolf Dorig, CEO of Swiss Life Group, said: We are convinced that many AWD shareholders will recognize the attractive price we are offering and will tender their shares. The support of the AWD management board and the Maschmeyer family gives our offer additional clout. We are looking forward to a successful partnership for both companies.