Grupo Ferrovial secures a majority stake in ESSA The Comisión Nacional del Mercado de Valores (Securities and Exchange Commission) has formally approved raising to Pta 4,300 per share the price offered by Grupo Ferrovial in its take-over bid on ESSA. ESSAs two main shareholders (Vista Capital, with a 24.64% stake, and Kutxa de Guipúzcoa-San Sebastián with a 5.14% stake) have already ratified their decision to accept the offer. In this way, Grupo Ferrovial, which previously owned a 24.7% stake, secures a majority stake in ESSA. The take-over bid aims at the acquisition of 100% of ESSA, and the rest of the shareholders can submit their new price acceptance statements until April 21st, finishing day of the take-over bid. The price approved yesterday implies a 19.4% premium over the last quoted price prior to the date in which Grupo Ferrovial submitted its offer, and an ESSA P/E valuation of 30 times 1997 earnings. On the other hand, Grupo Ferrovial, through its subsidiary Ferrovial Aparcamientos, has acquired today 100% of Dornier, S.A. and Reinrod, S.A., at a total price of Pta 3.6 billion. At the same time, it has awarded an option to Estacionamientos Subterráneos (ESSA) to acquire these stakes once the take-over bid is completed. The main activity of the acquired companies is focused in management of surface regulated car parks and they currently manage more than 44,000 car park places in the main Spanish cities. Strategic activity The car park business is one of the strategic lines of activity of Grupo Ferrovial. It is developed through Ferrovial Aparcamientos, mainly in the residents´ car parks segment. With the recent acquisitions, the Group strengthens its car park development division and, more specifically, its rotation car park division, the segment in which ESSA is specialized. Ferrovial Aparcamientos has developed more than 6,000 residents´ car park places in the main Spanish cities, among them, Madrid, Barcelona, Valencia and Seville. Estacionamientos Subterráneos, on the other hand, is one of the main Spanish companies in the rotation car park segment, currently managing 19,000 car park places under concession, lease and ownership contracts in Spain and Portugal.