Elsag Bailey Announces Action by its Majority Owner.AMSTERDAM, the Netherlands--(BUSINESS WIRE)--May 28, 1998--Elsag Bailey Process Automation N.V. (NYSE NYSE See: New York Stock Exchange :EBY EBY Ente Binacional Yaciretá (Argentina-Paraguay) ) today announced that Istituto per la Ricostruzione Industriale The Istituto per la Ricostruzione Industriale, Institute for Industrial Reconstruction (IRI) was an organization set up by the Italian fascist government in 1933 to combat the global depression. - IRI Iri (ē`rē`), former city, North Jeolla (Cholla) prov., SW South Korea. An agricultural center and transportation hub, it was absorbed into Iksan. S.p.A. and Finmeccanica S.p.A., controlling owners of the Company's common stock, has filed an amendment to their Schedule 13D Schedule 13D An form that must be filed with the SEC under Rule 13D when a person or group acquiring more than 5% of any class of a company's shares to disclose this information within 10 days of the transaction. with the Securities and Exchange Commission. The filing states that Finmeccanica's Board of Directors determined at its meeting today to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose Finmeccanica's interests in the Company and approved the recommendation of Merrill Lynch Merrill Lynch & Co., Inc. (NYSE: MER TYO: 8675 ), through its subsidiaries and affiliates, provides capital markets services, investment banking and advisory services, wealth management, asset management, insurance, banking and related products and services on a global basis. International to offer such interests independently of the sale of any other assets other assets Assets of relatively small value. For financial reporting purposes, firms frequently combine small assets into a single category rather than listing each item separately. of Finmeccanica. The procedure recommended by Merrill Lynch entails the participation of the public holders of Common Shares of the Company in the transaction. However, the form of the transaction will be determined only if and when the purchaser is selected and an agreement is entered into with such purchaser. The filing also states that there can be no assurancethat such an agreement will be concluded, that it will include any participation of the public shareholders in the transaction or an opportunity to dispose of their Common Shares in the Company, that the transaction will in fact be consummated, or that other alternatives will not be considered. The Supervisory Board Supervisory board The board of directors that represents stakeholders in the governance of the corporation. of Elsag Bailey Process Automation met today. The Board will evaluate all strategic options aimed at maximizing value for all shareholders. The Board has established a special committee of independent directors, consisting of Messrs. T. Kevin Dunnigan and Josef Felder, to assist in reviewing and evaluating any proposed transaction involving the transfer by Finmeccanica of its interest in the Company or otherwise involving a change in control of the Company. Vincenzo Cannatelli, Elsag Bailey's Managing Director and Chief Executive Officer, acknowledged the recent decision of Finmeccanica and stated, "The strategy of our Company for the coming months will not change. The management team is fully committed to enhancing the financial performance of our Company. The completion of the restructuring plan and recent improvements in our order entries gives us confidence that Elsag Bailey is very well positioned for future success." One of the world's leading process automation companies, Elsag Bailey Process Automation N.V., incorporated in the Netherlands, has grown revenues to more than $1.5 billion by aggressively expanding its global markets and technologies. The Company employs some 11,000 employees in over 30 countries. Elsag Bailey's computer and electrical products -- control systems, instrumentation products, and analytical devices -- keep its customers on the cutting edge of productivity. Elsag Bailey's global customers are among the leading names in the process industries including electric utilities, oil and gas, chemicals and pharmaceuticals, pulp and paper, water and wastewater, metals and ceramics, and other industrial companies. For copies of additional press releases or quarterly reports, call Elsag Bailey's Fax-on-Demand service at 1-888-329-2311, or visit the Company's web site at www.ebpa.com. Requests for information can also be made via e-mail at investorinfo@bailey.com.
CONTACT: Elsag Bailey Process Automation N.V.
Christopher M. Farage, Ph.D., 440/585-8675
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