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Mahle and Behr Sign Staged Share Agreement That Can Lead to Mahle Taking a Majority Stake

The two large Stuttgart automotive suppliers Mahle and Behr have agreed that Mahle will take over shares in Behr in several stages. The two first stages of the participation will be covered by a unilateral capital increase by Mahle.

In the first stage (2010) Mahle will take on 19.9% of shares; in the second stage, at the beginning of 2011, the participation will be increased to 36.85%. The contract also provides that Mahle can purchase additional shares from the current shareholders by exercising a call option starting in 2013, and can thereby take over the majority of Behr.

It also provides current Behr shareholders with the potential to then sell their shares to Mahle in several steps over a period of ten years.

Mahle’s participation in Behr is subject to approval by the responsible antitrust authorities. The Supervisory boards of the companies involved have already approved the share agreement.

Mahle’s participation in Behr opens up significant additional potential for the future of both companies in the market for complete systems solutions for the power train of modern passenger cars and commercial vehicles. The product portfolios complement each other and fit together excellently. Examples include complete exhaust gas recirculation modules and intake systems with integrated charge air coolers.

In addition, the subject of “efficient thermal management”, including heating and cooling, is particularly significant for new generations of vehicles, as fuel consumption and CO2 emissions are further reduced. This can also be seen in conjunction with the increasing significance of alternative drive systems, from hybrids to vehicles with purely electric or fuel cell drive systems.

—Prof. Dr. Heinz Junker, Chairman of the Management Board of the Mahle Group

The Mahle Group is one of the 30 largest companies in the automotive supply industry worldwide. With its two business units Engine Systems and Components and Filtration and Engine Peripherals, Mahle ranks among the top three systems suppliers worldwide for piston systems, cylinder components, as well as valve train, air management, and liquid management systems.

A specialist for automotive air conditioning and engine cooling systems, the Behr Group is a leading manufacturers and suppliers of original equipment for passenger and commercial vehicles.

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