Ferrovial makes its bid for Amey unconditional

The UK services company will be delisted on 26 June

Madrid, 29 May 2003. Ferrovial this morning declared unconditional, to all effects, its tender offer for UK service group Amey Plc, which it presented on 25 April last.

This declaration entails taking control of Amey as of this date. Thus far, Ferrovial, through its subsidiary Ferrovial Servicios, has attained 88.6% of the capital of Amey and could increase this percentage in the next few days through acceptance of the bid by a number of institutional investors.

Consequently, the payment to shareholders will be made from 11 June.

Delisting and new Board of Directors
Ferrovial also announced that it has commenced the proceedings to delist Amey from the London Stock Exchange, which could take effect on 26 June.

Five new directors have been appointed to Amey´s Board to represent Ferrovial: José María Pérez Tremps (Director and Company Secretary of Ferrovial); Nicolás Villén (Chief Financial Officer of Ferrovial); Iñigo Meirás (General Manager of Ferrovial´s services division), as Vice-Chairman of the Board; Santiago Olivares (Head of Development in Ferrovial´s services division) and José Leo (General Manager of Ferrovial´s telecommunications división), who will also be appointed Chief Financial Officer of Amey. Sir Ian Robinson, Amey´s current Chairman (non-executive), will remain on the Board, as will three executives of Amey.

Strengthening the services division and expanding internationally
The operation, which has a major strategic component, strengthens Ferrovial´s services area and its international strategy. Amey´s activities involve comprehensive management of infrastructure (roads and railways and underground rail) and facility management (maintenance and integrated management of buildings and facilities).

Amey is one of the leading players in the area of private financing and management of infrastructure and services for government under PFI (Private Finance Initiative) and PPP (Public Private Partnership) formulas.

Amey also has a stake in the maintenance concession for part of London Underground (Jubilee, Northern and Piccadilly Lines).

Ferrovial is already present in the British Isles through its ownership of Bristol Airport and Belfast City Airport. It also owns a toll road concession in the Republic of Ireland (N4/N6). Ferrovial is currently present in Canada, Poland, Australia, the United Kingdom, Portugal, Ireland and Latin America.

In 2002, international activities provided 28% of group revenues and 42% of operating profit.