Interconsult's Group Management and the Board of Directors have unanimously recommended the Norwegian shareholders to sell their shares to COWI.

The amalgamated COWI Group will, with a total of 3500 employees and a turnover of DKK 2.6 billion be one of the leading consulting companies in Northern Europe with leading market positions in Denmark and Norway and in a number of international markets.

COWI offers to buy the shares of all Interconsult's approximately 400 shareholders. It is the goal, after a due diligence process, to sign the final purchase agreement in December so that the change of ownership is effective by the turn of the year.

Present and former employees in Interconsult own approximately 60 percent of the shares in the company, whereas four large shareholders together own the remaining 40 percent. These four major shareholders are the Norwegian state-owned oil company STATOIL (approx. 11 percent), Sinvent AS (approx. 11 percent), Den Norske Bank ASA (approx. 9.5 percent) and FOKUS Bank ASA (approx. 5.5 percent).

Common culture, values and business

COWI sees Norway as one of the most promising markets in its vision to become one of the market leaders in Northern Europe.

With 650 employees and a turnover of more than NOK 500 million, Interconsult wishes to become market leader in Norway. To fulfil this vision, Interconsult has been searching for the right Scandinavian based industrial partner.
The two companies are similar in their perception of values, company culture and business policies.

"COWI's companies abroad have kept a high degree of independence. It is our experience that a company thrives best when the parent company respects the basic values and cultures in the company at the same time as offering it the opportunity to share the advantages COWI can offer as a major international company.", says Klaus H. Ostenfeld, Managing Director and CEO in COWI.

"The Group Management and the Board of Directors have unanimously recommended that our shareholders sell their shares to COWI A/S. The reason for this recommendation is that we have entered into an agreement that represents a good industrial solution for Interconsult and its employees. The Group Management also finds the agreement offers the shareholders a price that reflects the values and potential of the company. With COWI we get a professional owner who is internationally recognised in the market and who will immediately strengthen our position on both the national and the international markets", says Frode Kværneng, Managing Director in Interconsult.

Klaus H. Ostenfeld and Frode Kværneng add to this that they foresee great opportunities to harvesting positive synergies in connection with joint administrative and IT-systems, professional development, development of new services and marketing.

Interconsult and Hjellnes COWI in Norway

It is the intention that Interconsult and COWI's Norwegian Subsidiary Hjellnes COWI (130 employees and a turnover of NOK 127 million) will co-ordinate their market approaches. The two companies will continue under their own names and management, but in time the two companies will be merged into one.

It is the intention to further develop and strengthen Interconsult/Hjellnes COWI in order to maintain their position in the Norwegian market. The two companies know each other well from their co-operation in the Norwegian Hospital sector."

Interconsult/Hjellnes COWI becomes the largest member of the COWI Group outside Denmark and Frode Kværneng will be part of the general strategic management of the COWI Group.

Interconsult ASA is based in Oslo, has 650 employees and a turnover of NOK 500 million. The company has offices in 20 Norwegian cities.

Interconsult provides services in the following fields:

• Energy and Environment
• Environment and transport facilities, area and transport management, municipal facilities and development planning
• Industry and offshore
• Building and public works
• Health facilities
• Software development

Interconsult also works internationally with offices in a.o. Eastern Europe and Africa.

The COWI Group has 2800 employees and a turnover of DKK 2.1 billion. COWI's consultancy services comprise engineering, environmental science and economics in Denmark and more than 100 other markets throughout the world. The Company headquarters are located in Lyngby and it has offices in nine other Danish cities. COWI has 13 subsidiaries outside Denmark.

COWI has been active in Norway since 1983, starting with the company COWIplan. In 1992 COWIplan and Hjellnes merged into the company Hjellnes COWI, which, in addition to its activities in Norway, works internationally through Norplan. Hjellnes COWI is also a partner in Aviaplan. COWI's majority shareholder is the COWI Foundation.

Published 14.10.2002