“A market-conform decision at the right time”, commented Heidelberger Druckmaschinen AG’s CEO, Bernhard Schreier, regarding RWE’s successful placement of its 50.02 percent interest in Heidelberg. “A larger free float has always been our target”, said Schreier. In a two-day process, RWE AG placed its 50.02 percent interest, through an accelerated book-building process on May 5th and 6th, 2004, with international institutional investors. In particular the exchangeable bond was subject to strong international demand. “There was and still is a high demand for our share, which we can now satisfy”, said Dr. Herbert Meyer, CFO of the company, “The new, internationally extended shareholder base fits our global line-up”. RWE had been Heidelberg’s major shareholder since 1940. In two steps – 1997 and 2001 – 22 percent of Heidelberg was already placed in the capital market. The remaining major shareholders of Heidelberg are Allianz (12 percent), Commerzbank (10 percent) and Munich Re (6 percent). Heidelberg’s free float now equals 57 percent. The exchangeable bond will raise Heidelberg’s free float to 72 percent by 2007 at the latest. Until then, RWE will hold a 15 percent share of Heidelberg. Heidelberg had announced its fundamental realignment end of 2003. The implemented strategy will be continued as planned under the new shareholder structure. Heidelberg’s management board sees the current fiscal year rather positively. “With the distinctly improved cost structure, the revised portfolio and the improving economical situation in mind, we intend to return to profitability within the current fiscal year”, quoted Schreier. Heidelberg confirms its prime position in the industry by concentrating on the sheetfed offset value chain.