Further step in acquisition of Powergen by E.ON


Powergen will attend a hearing at the High Court in London where it will apply to commence a Scheme of Arrangement


The proposed acquisition of Powergen plc by E.ON AG is about to progress further with the commencement of the legal procedure for the acquisition under UK law.

Tomorrow, Powergen will attend a hearing at the High Court in London where it will apply to commence a Scheme of Arrangement. Using this procedure will enable E.ON on completion to acquire the whole of the issued share capital of Powergen. The scheme will require the approval of Powergen shareholders as well as the sanction of the High Court in London. The vote will take place at meetings of Powergen shareholders which are expected to take place on April 19, 2002.

The Scheme will become effective only after receipt of SEC approval. It is hoped that the SEC will approve the transaction in such time limit to permit E.ON to complete the Acquisition in May 2002.

The members of the E.ON Management Board and the directors of E.ON UK accept responsibility for the information contained in this document. To the best of the knowledge and belief of the members of the E.ON Management Board and the directors of E.ON UK (who have taken all reasonable care to ensure that such is the case), the information contained in this document for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such information.These materials contain certain statements that are neither reported financial results nor other historical information. These statements are forward-looking statements within the meaning of the safe-harbor provisions of the U.S. federal securities laws. Because these forward-looking statements are subject to risks and uncertainties, actual future results may differ materially from those expressed in or implied by the statements. Many of these risks and uncertainties relate to factors that are beyond the companies’ ability to control or estimate precisely, such as future market conditions, currency fluctuations, the behaviour of other market participants, the actions of governmental regulators and other risk factors detailed in E.ON’s filings with the SEC. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this document. E.ON does not undertake any obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date of these materials.