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Agreement between rubis and shell rubis acquires a new dimension in europe in lpg distribution


Agreement between RUBIS and SHELL

RUBIS acquires a new dimension in Europe in LPG distribution

Rubis and SHELL have signed an agreement by which RUBIS is acquiring the LPG distribution operations in six countries : Bulgaria, the Czech Republic, Germany, Romania, Spain and Switzerland .

This geographical area represents 180 M€ of sales-turnover and volumes of 250 000 tons doubling Rubis' position in LPG distribution.

The businesses under review comprise the infrastructure base associated with the operations : storages,filing centers, import terminals which are key to maintain competitive advantage and leverage future developments.

This balanced portfolio of businesses located in growth countries (Eastern Europe) as well as mature markets (Switzerland, Germany), will ideally complement existing positions of the Group.

In Switzerland and in Romania, RUBIS would become the leading operator while the Czech Republic and Spain are providing promising niche market positions in autogas and bulk respectively.

The total consideration reaches a maximum of 90 M€ provided preemption right is not exercised (Romania) and clearance is obtained from the Competition Authorities (Bulgaria) .

These financially reluting acquisitions should be completed by the end of first half 2007.

RUBIS would become the second largest independant European LPG operator with some 500 000 tons marketed in three geographical areas : Europe, the Caribbean Region and Africa.

Including this last transaction, cumulative acquisitions or investments projects since October 2006 reache 230 M€ (Bermuda, Frangaz, Rotterdam and extensions in France) witnessing Rubis' strong acquisition dynamic.

In case of completion of the whole deal, Rubis intends to launch a right issue addressed to its existing shareholders in order to partially refinance this acquisition.

Next update:

First-quarter 2007 revenue and financial information - Monday 14 May 2007