Today the Group has not stopped its choice

Editis, Worms and Bureau Veritas, we will have us determine when the time comes. "When questioned, yesterday, on the occasion of the publication of the results, on the multiple ambitions loaned to his group, Ernest - Antoine Seilliere not did mystery: Wendel investment will have to choose.

Even with restored results, the holding company over which he presides may not do everything. Today, the Group has not stopped its choice. But, obviously, his heart looking for the publishing group, even if Ernest-Antoine Seilliere qualifies the multiple rumours by stressing that its Board "shall mean if, yes or no, he made a firm offer." "Then we will see if Lagardère sees us as a credible buyer."

In the meantime, the group is privately supportive of Editis comments. Present between seven and twenty-five years in the capital of the companies in which it invests, it considers to be "potentially a good medium-long term shareholder", attracted both by the "quality of assets, brands and teams of management" and, especially, loan to value "fort growth potential in France and abroad of the publishing group, whose distribution platform will be partially unoccupied" after the withdrawal of assets kept by Lagardère. "It is the growth of turnover which creates value," noted Jean-Bernard Lafonta, administrator and CEO of Wendel investment.

Disengagement of the AGF

Worms & Cie, the comments are more neutral, even if Ernest-Antoine Seilliere said the seniority of the links between the two groups. Disengagement programmed the Agnelli family and the AGF of Worms is an opportunity to look at the record. "This is part of our missions, ensure soberly Ernest-Antoine Seilliere." We look at. There is nothing more. "Or rather, if. Worms has a stake in the leading world of SGS certification, direct competitor of Bureau Veritas, Wendel has 33.7. "Us not indifferent whether in what hands it will go", has thus recognised the President of Wendel investment. The priority of the group goes to Bureau Veritas. "It is not to sell", he first said. On the contrary, we have agreements of shareholders with the Mathy family that will allow us to strengthen us when the time comes." "It is, for us, an objective in the years to come", he added.

Until the time of the choice, Ernest - Antoine Seilliere welcomed, yesterday, a year 2003 "relatively satisfactory" after a fiscal year 2002 "alarming". Activities have been rebalanced with the successful integration of Legrand and the decommitments on track of Cap Gemini Ernst & Young with Trader Classified Media a consolidated profit of 253 million euros (versus 650 million of losses in 2002) with an increase of 56 of the result of the subsidiaries, to EUR 157 million.

Between January 1 and March 1, 2003, the revalued net asset value increased by 28 at the same time 15 of net debt decreased to EUR 815 million. This last fall to 500 million euros once completed withdrawal of Trader. A withdrawal that will move the available cash of EUR 800 million today to 1,115 billion euros. The stock market has responded well. The Wendel investment title progressed of 2.44, to 37,01 euros, yesterday at the end.

This allows Wendel investment exceed its performance goals by ensuring, since its creation, sorting (internal rate of return) annualized 16 and a net yield of 3.9 to its shareholders. It should in part, no doubt, in the absence of any taxation on its gains. Because, says Jean-Bernard Lafonta, "most of the assets of our group are held by our Dutch subsidiary Orange Nassau or Luxembourg Trief". Two countries of the European Union where this tax does not exist...