------------------------------------------
SALE AND PURCHASE AGREEMENT
-------------------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
Sale and Purchase Agreement
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SALE AND PURCHASE AGREEMENT
by and between
1. CEP BE 00 BETEILIGUNGS GMBH,
a limited liability company with its registered seat at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇,
▇▇▇▇▇ ▇▇▇▇▇▇▇, and registered with the commercial register of the local
court of Munich under HRB 145898, represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on the
basis of a power of attorney dated October 28, 2004 issued by the managing
directors ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇ and ▇▇▇▇▇▇ ▇▇▇▇, a copy of which is attached
hereto;
- "SELLER C" -
2. FRAU ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
on the basis of a sub-power of attorney dated October 30, 2004 issued by
▇▇. ▇▇▇▇ Grub on the basis of a certified power of attorney dated
October 29, 2004, copies of which are attached hereto;
- "SELLER R" -
3. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
Klosterfeldstrasse 14, 21614 Buxtehude, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
on the basis of a power of attorney dated October 30, 2004, a copy of which
is attached hereto;
- "SELLER 3" -
4. ▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇ ▇▇▇▇▇ 19, 21614 Buxtehude, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ on the
basis of a delegated power of attorney dated October 30, 2004 issued by
Seller 3 on the basis of a notarial general power of attorney dated
August 13, 2001, copies of which are attached hereto;
- "SELLER 4" -
5. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
Klosterfeldstrasse 14, 21614 Buxtehude, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
on the basis of a delegated power of attorney dated October 30, 2004 issued
by Seller 3 on the basis of a certified power of attorney dated October 25,
2004, copies of which are attached hereto;
- "SELLER 5" -
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6. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
Klosterfeldstrasse 14, 21614 Buxtehude, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
on the basis of delegated power of attorney dated October 30, 2004 issued
by Seller 3 on the basis of power of attorney dated October 24, 2004,
copies of which are attached hereto;
- "SELLER 6" -
7. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
Klosterfeldstrasse 14, 21614 Buxtehude, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
on the basis of a delegated power of attorney dated October 30, 2004 issued
by Seller 3 on the basis of power of attorney dated October 22, 2004,
copies of which are attached hereto;
- "SELLER 7" -
8. KLOSTERFELD BETEILIGUNGEN GMBH + CO. KG,
a limited partnership with its seat at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, D-21614
Buxtehude, and registered with the commercial register of the local court
of Buxtehude under HRA 3118, represented by its general partner
Verwaltungsgesellschaft Klosterfeld Klosterfeld Beteiligungen mbH with
its seat in Buxtehude, a limited liability company registered with the
commercial register of the local court of Buxtehude under HRB 3652, which
is itself represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ on the basis of power of
attorney dated October 30, 2004 issued by its managing director ▇▇. ▇▇▇▇▇▇▇
▇▇▇▇▇▇; a company of which is attached hereto;
- "SELLER 8" -
9. ▇▇▇▇▇-▇▇▇▇▇▇ GMBH & CO. KG,
a limited partnership with its seat at Mittlerer Pfad 15, D-70499
Stuttgart, and registered with the commercial register of the local court
of Stuttgart under HRA 13096, represented by its general partner
▇▇▇▇▇-▇▇▇▇▇▇ Verwaltungs-Gmbh, a limited liability company registered
with the commercial register of the local court of Stuttgart under
HRB 18360, which is itself represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ on the basis
of a delegated power of attorney dated October 30, 2004 issued by Seller 3
on the basis of a power of attorney dated October 25, 2004 issued by its
managing director ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, copies of which are attached hereto;
- "SELLER 9" -
- Seller 3 to Seller 9 collectively the "FAMILY SELLERS" and individually a
"FAMILY SELLER" -
- Seller C, Seller R and the Family Seller collectively: the "SELLERS" and
individually: a "SELLER" -
Sale and Purchase Agreement
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and
10. BORGWARNER GERMANY GMBH, a company with limited liability with its
registered seat at ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, and registered with
the commercial register of the local court of Heidelberg under HRB 5929,
represented by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇ on the basis of a power of attorney dated
October 21, 2004, issued by the managing director ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, a copy
of which is attached hereto;
- "BUYER" -
- Sellers and Buyer each a "PARTY" and collectively the "PARTIES" -
Sale and Purchase Agreement
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TABLE OF CONTENTS
INDEX OF DEFINED TERMS....................................................... 6
PREAMBLE..................................................................... 8
1. CURRENT STATUS.......................................................... 8
2. SIGNING DATE; CLOSING DATE; C CLOSING DATE; SALE AND TRANSFER........... 11
3. PURCHASE PRICE.......................................................... 13
4. CLOSING CONDITIONS; CLOSING EVENTS; C CLOSING EVENTS; CLOSING
CONFIRMATION............................................................ 14
5. SELLERS' LIABILITY...................................................... 19
6. BUYER'S GUARANTEES...................................................... 22
7. REMEDIES................................................................ 23
8. CONFIDENTIALITY; ANNOUNCEMENTS.......................................... 27
9. NOTICES................................................................. 28
10. COSTS................................................................... 29
11. MISCELLANEOUS........................................................... 30
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INDEX OF DEFINED TERMS
Banking Days as defined in Sec. 11.6
BERU Group as defined in the Preamble A
Buyer as defined in the recitals
Buyer's Deposit Account as defined in Sec. 1.4(a)
C Closing Date as defined in Sec. 2.2
C Closing Events as defined in Sec. 4.3
C Purchase Price as defined in Sec. 3.1
C Shares as defined in Sec. 1.3
Change of Control Clause as defined in Sec. 5.1.4(e)
Closing Conditions as defined in Sec. 4.1
Closing Confirmation as defined in Sec. 4.4
Closing Date as defined in Sec. 2.1.2
Closing Events as defined in Sec. 4.2
Company as defined in Sec. 1.1
DreBa Loan as defined in Sec. 2.3
DreBa Pledge as defined in Sec. 2.3
Excluded Shares as defined in Sec. 1.3
Family Purchase Price as defined in Sec. 3.1
Family Seller(s) as defined in the recitals
Family Shares as defined in Sec. 1.3
Global Share Certificates as defined in Sec. 1.2
Intellectual Property Rights as defined in Sec. 5.1.4(d)
Independent Auditor as defined in Sec. 4.1.3(c)
Knowledge as defined in Sec. 7.6.1
Material Adverse Change as defined in Sec. 4.1.3
Party/Parties as defined in the recitals
Public Offer MAC as defined in Sec. 4.1.3(a)
R Purchase Price as defined in Sec. 3.1
R Shares as defined in Sec. 1.3
Seller(s), Seller C, Seller R, as defined in the recitals
Seller 3-9
Share Deposit Bank as defined in Sec. 1.4
Shareholder Representatives as defined in Sec. 1.1
Shares as defined in Sec. 1.3
Signing Date as defined in Sec. 2.1.1
Tax Proceedings as defined in Sec. 7.5
Total Purchase Price as defined in Sec. 3.1
Transfer Agreement as defined in Sec. 2.5
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List of Exhibits
Exhibit 1.4 (a) Confirmation of Share Deposit
Bank (Seller C)
Exhibit 1.4.(b) Confirmation of Share Deposit
Bank (Seller R)
Exhibit 1.4 (c) Confirmation of Share Deposit
Bank (Family Sellers)
Exhibit 2.5 Transfer Agreement
Exhibit 4.1.3 Company's letter confirming
cooperation with auditor
Exhibit 5.1.4 (b) Chart of structure of the BERU
Group and the shareholdings
Exhibit 5.1.4 (f) List of Environmental Reports
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PREAMBLE
A. The Sellers are shareholders in BERU Aktiengesellschaft, which is the
parent company of a group of companies which are active in the automotive
supply industry ("BERU GROUP").
B. The Sellers intend to sell all their shares in BERU Aktiengesellschaft
(except for the Excluded Shares as defined in Sec. 1.3).
C. The Buyer intends to purchase the shares held by Sellers.
NOW, THEREFORE, the Parties agree as follows:
1. CURRENT STATUS
1.1 The Company. BERU Aktiengesellschaft is a stock corporation existing under
German law with its corporate office in Ludwigsburg and registered with the
commercial register of the local court of Ludwigsburg under HRB 5087 (the
"COMPANY"). The registered capital of the Company amounts to Euro
26,000,000 (in words: Euro twenty-six million) and consists of 10,000,000
(in words: ten million) non par value bearer shares (nennwertlose, auf den
Inhaber Iautende Stuckaktien) with a proportionate participation in the
registered capital of Euro 2.60 each. The shares of the Company are
admitted to the official market of the Frankfurt Stock Exchange and the
Stuttgart Stock Exchange and traded in the over-the-counter markets
(Freiverkehr) of the Dusseldorf Stock Exchange, the Munich Stock Exchange,
the Hamburg Stock Exchange and the Berlin-Bremen Stock Exchange. The
current shareholder representatives (Anteilseignervertrater) on the
Supervisory Board are Mr. Heinriich ▇▇▇▇, ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇▇
▇▇▇▇ and ▇▇. ▇▇▇▇▇▇ Grub (the "SHAREHOLDER REPRESENTATIVES").
1.2 Global Share Certificate. All shares of the Company are issued in two
global share certificate (the "GLOBAL SHARE CERTIFICATES") which are owned
in fractional co-ownership by all shareholders of the Company, deposited
with Clearstream Banking AG.
1.3 The Shares. The shares in the Company held by all Sellers represent a
total amount of 6,221,170 shares (in words: Six million two hundred
twenty-one thousand one hundred and seventy), equivalent to approximately
62.21% of the registered capital of the Company (collectively the
"SHARES"). The Shares are held by the individual Sellers as follows:
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Seller C 3,705,875 shares (the "C SHARES")
Seller R 511,605 shares (the "R SHARES")
Seller 3 999,430 shares
Seller 4 80,960 shares
Seller 5 17,600 shares
Seller 6 58,750 shares
Seller 7 58,750 shares
Seller 8 3,200 shares
Seller 9 785,000 shares
(the shares held by Seller 3 to Seller 9 add up to 2,003,690 (in words: two
million three thousand six hundred ninety) shares and are collectively
referred to as the "Family SHARES"). In addition to her portion of the
Family Shares, Seller 5 holds additional 81,500 shares in the Company which
are not subject to this agreement ("EXCLUDED SHARES").
1.4 The Share Deposit Bank. Sellers have deposited the shares in the following
share deposits account with Dresdner Bank AG (the "SHARE DEPOSIT BANK"),
Deutsche Bank AG, ▇.▇. ▇▇▇▇▇▇▇ & Co. and Landesbank Banden-Wurttemberg:
BANK/COMPANY SWIFT CODE ACCOUNT NO. SHARES
------- --------- ----------- ------
Seller C Dresdner Bank AG DRES DE FF 800 451/506185400 3,705,875
Seller R Deutsche Bank AG DEUT DE SS 604 020880109 511,605
Seller 3 MM. Warburg & Co. WBWC DE HH 0800/321 176 315,300
MM. Warburg & Co. WBWC DE HH 0801/321 176 8,710
MM. Warburg & Co. WBWC DE HH 0800/325 287 675,420
Seller 4 MM. Warburg & Co. WBWC DE HH 0800/321 206 80,960
Seller 5 MM. Warburg & Co. WBWC DE HH 0800/324 922 17,600
Seller 6 MM. Warburg & Co. WBWC DE HH 0800/325 414 58,000
WBWC DE HH 0801/325 414 750
Seller 7 MM. Warburg & Co. WBWC DE HH 0800/325 449 58,000
MM. Warburg & Co. WBWC DE HH 0801/325 449 750
Seller 8 MM. Warburg & Co. WBWC DE HH 0800/324 981 3,200
Seller 9 Landesbank BaWu SOLA DE EST 9632 663 658 785,000
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In order to safeguard performance under this Agreement, within three weeks
after the Signing Date (as defined in Section 2.1.1 below),
(a) Seller C shall present to Buyer a letter of the Share Deposit Bank
substantially in the form of Exhibit 1.4. (a) confirming (i) that the
share deposit account of Seller C has been turned into a blocked
account (Sperrkonto) to the effect that until the earlier of the date
referred to in Section 4.1.5 below and the Closing Date, or the C
Closing Date, as the case may be, the C Shares cannot, without the
consent of Buyer, be transferred to any party other than Buyer, and
(ii) that the Share Deposit Bank has been unconditionally and
irrevocably instructed to book the C Shares to the following share
deposit account of Buyer with the Share Deposit Bank immediately upon
receipt of the C Purchase Price and that, except for the restrictions
set forth in Sec. 2.3, the Share Deposit Bank will carry out such
booking without any right of retention, pledge right or similar right
of the Share Deposit Bank being raised:
Account No.: 931 275 00 (or any other account number notified to the
Sellers within two weeks after the Signing Date).
("BUYER'S DEPOSIT ACCOUNT")
(b) Seller R shall present to Buyer a letter of the Share Deposit Bank
substantially in the form of Exhibit 1.4.(b) confirming (i) that the
share deposit account of Seller R has been turned into a blocked
account (Sperrkonto) to the effect that until the earlier of the date
referred to in Section 4.1.5 below and the Closing Date the R Shares
cannot, without the consent of Buyer, be transferred to any party
other than Buyer, and (ii) that the Share Deposit Bank has been
unconditionally and irrevocably instructed to book the R Shares to
Buyer's Deposit Account immediately upon receipt of the R Purchase
Price and that the Share Deposit Bank will carry out such booking
without any right of retention, pledge right or similar right of the
Share Deposit Bank being raised:
(c) the Family Shares shall be deposited with the Share Deposit Bank on
one and the same share deposit account and the Family Sellers shall
present a letter of the Share Deposit Bank substantially in the form
of Exhibit 1.4.(c) confirming (i) that the share deposit account of
the Family Sellers has been turned into a blocked account (Sperrkonto)
to the effect that until the earlier of the date referred to in
Section 4.1.5 below and the Closing Date the Family Shares cannot,
without the consent of Buyer, be transferred to any party other than
Buyer, and (ii) that the Share Deposit Bank has been unconditionally
and irrevocably instructed to book the Family Shares to Buyer's
Deposit Account immediately upon receipt of the Family Purchase Price
and that it will carry out
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11/32
such booking without any right of retention, pledge right or similar
right of the Share Deposit Bank being raised.
2. SIGNING DATE; CLOSING DATE; C CLOSING DATE; SALE AND TRANSFER
2.1 Signing Date, Closing Date. Signing Date and Closing Date shall each have
the following meaning within this Agreement:
2.1.1 "SIGNING DATE" shall mean the day on which this Agreement is
executed by all Parties.
2.1.2 "CLOSING DATE" shall be the third Banking Day after all Closing
Conditions (as defined in Sec. 4.1 below) have been fulfilled or
waived, or any other date the Parties shall mutually agree, in
any event, however, not earlier than January 04, 2005.
2.2 C Closing Date. Seller C shall have the right to determine, by
notification to Buyer pursuant to Sec. 9 below, a Closing Date for the C
Shares after all Closing Conditions have been fulfilled, but before January
01, 2005 (the "C CLOSING DATE"). In no event shall the C Closing Date be
earlier than December 27, 2004.
2.3 Buyer's Protection. In the event that the C Shares will be transferred to
Buyer on the C Closing Date but the R Shares and the Family Shares will
not be transferred to Buyer on the Closing Date, Buyer shall have the right
to request repayment of the C Purchase Price to the Buyer against
simultaneous (zum um Zug gegen) re-transfer of the C Shares to Seller C.
The aforementioned right can only be exercised by Buyer within a time
period of two weeks after the Closing Date. As security for re-payment of
the C Purchase Price to Buyer under this Sec. 2.3, before the C Closing
Date, Seller C shall have pledged Seller C's bank account to which payment
is made to Buyer. As a security for Dresdner Bank AG for the repayment of
the loan owed by Seller C to Dresdner Bank AG and IKB Deutsche
Industriebank AG under the loan agreement dated May 17/29, 2000 as
subsequently amended the "DREBA LOAN"), before the C Closing Date, Buyer
shall have pledged Buyer's Deposit Account to Dresdner Bank AG (the "DreBa
Pledge"). Furthermore, as security for the re-transfer for the C Shares to
Seller C under this Sec. 2.3, before the C Closing Date, Buyer shall have
pledged Buyer's Deposit Account to Seller C with a second rank pledge
(aweitrangiges Pfandrecht) to Seller C. In the event that Dresdner Bank AG
enforces its pledge right under the DreBa Pledge prior to or on the Closing
Date, Buyer's right to request repayment of the C Purchase Price under this
Sec. 2.3 shall become immediately exercisable and Buyer's obligation to
effect the simultaneous re-transfer of the C Shares to the Seller shall be
limited to those C Shares which are not effected by the enforcement of its
pledge right under the
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DreBa Pledge; in such event, Buyer shall further be fully released from
the obligations to close the transaction contemplated in this Agreement on
the Closing Date.
2.4 Sale of the Shares. The Shares are sold as follows:
2.4.1 Seller C hereby sells (verkauft) the C Shares to the Buyer.
Buyer hereby accepts such sale. The sale shall include all
ancillary rights appertaining thereto (Nebenrechte), including
without limitation the dividend rights (Gewinnbezugsrecht) to
all profits not yet distributed to Seller C by the Closing Date
or by the C Closing Date, as the case may be. For the avoidance
of doubt, Seller C shall be entitled to all dividends for the
business year 2004/05 of the Company to the extent that such
dividends will have been distributed by the Company prior to the
Closing Date or prior to the C Closing Date, as the case may be.
2.4.2 Seller R hereby sells (verkauft) the R Shares to the Buyer.
Buyer hereby accepts such sale. The sale shall include all
ancillary rights appertaining thereto (Nebenrechte), including
without limitation the dividend rights (Gewinnbezugsrecht) to
all profits not yet distributed to Seller R by the Closing Date.
For the avoidance of doubt, Seller R shall be entitled to all
dividends for the business year 2004/05 of the Company to the
extent that such dividends will have been distributed by the
Company prior to the Closing Date.
2.4.3 Each Family Seller hereby sells (verkauft) its portion of the
Family Shares as set out in Sec. 1.3 to Buyer and Buyer hereby
accepts such sale. The sale of the Family Shares shall include
all ancillary rights appertaining thereto (Nebenrechte),
including without limitation the dividend rights
(Gewinnbezugsrecht) to all profits not yet distributed to the
Family Sellers by the Closing Date. For the avoidance of doubt,
the Family Sellers shall be entitled to all dividends for the
business year 2004/05 of the Company to the extent that such
dividends will have been distributed by the Company prior to the
Closing Date.
2.5 Transfer of the Shares. The Parties agree that the transfer of the Shares
is not effected by the execution of this Agreement, but shall be effected
on the Closing Date or, with respect to the C Shares, on the C Closing
Date, as the case may be, by separate transfer agreement substantially in
accordance with the draft form of transfer agreement which is attached
hereto as Exhibit 2.5 (the "TRANSFER AGREEMENT"). According to the
Transfer Agreement, the transfer of the Shares will be conditional upon
payment of the purchase price.
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2.6 No Restrictions. Each of the Sellers 3 to 7 confirms that he or she is
(i) not a minor (Minderjahriger) and (ii) not restricted by matrimonial
law to lawfully conclude or consummate this Agreement.
3. PURCHASE PRICE
3.1 Total Purchase Price. The purchase price for the Shares amounts to EUR 59
(in words: Euro fifty-nine) per share, i.e. a total amount of EUR
367,049,030 (in words: Euro three hundred sixty-seven million forty-nine
thousand thirty) for all Share (the "TOTAL PURCHASE PRICE"). Out of the
Total Purchase Price each of the Sellers shall be entitled to the
following purchase price:
Seller C = Euro 218,646,625 (the "C PURCHASE PRICE")
Seller R = Euro 30,184,695 (the "R PURCHASE PRICE")
Seller 3 = Euro 58,966,370
Seller 4 = Euro 4,776,640
Seller 5 = Euro 1,038,400
Seller 6 = Euro 3,466,250
Seller 7 = Euro 3,466,250
Seller 8 = Euro 188,800
Seller 9 = Euro 46,315,000
The aggregate purchase price payable to Seller 3 to Seller 9 amounts to
Euro 118,217,710 (the "FAMILY PURCHASE PRICE").
3.2 Payment of the Total Purchase Price. In accordance with Sec. 4.2 below
the Total Purchase Price shall be paid as follows:
3.2.1 On the Closing Date, or on the C Closing Date, as the case may
be, the C Purchase Price shall be due and payable and shall be
transferred to such bank account of Seller C with Dresdner Bank
which Seller C shall have notified to Buyer no later than three
weeks after the Signing Date.
Seller C has instructed Dresdner Bank to confirm to Buyer by
telefax receipt of payment of the C Purchase Price as set forth
in Sec. 3.1 upon such receipt without undue delay (unverzuglich).
3.2.2 On the Closing Date, the R Purchase Price shall be due and
payable and shall be transferred to such bank account of Seller
R with Dresdner Bank which Seller R shall have notified to Buyer
no later than three weeks after the Signing Date.
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Seller R has instructed Dresdner Bank to confirm to Buyer by
telefax receipt of payment of the R Purchase Price as set forth
in Sec. 3.1 upon such receipt without undue delay (unverzuglich).
3.2.3. On the Closing Date, the Family Purchase Price shall be due and
payable and shall be transferred to such bank account of the
Family Sellers with Dresdner Bank which the Family Sellers shall
have notified to Buyer no later than three weeks after the
Signing Date.
The Family Sellers have instructed Dresdner Bank to confirm to
Buyer by telefax receipt of payment of the Family Purchase Price
upon such receipt without undue delay (unverzuglich). The Family
Sellers will arrange with Dresdner Bank that, immediately upon
receipt of the Family Purchase Price, Dresdner Bank will
distribute the Family Purchase Price to Sellers 3 to 9 in
accordance with the Euro-amounts stated in Section 3.1 for
Sellers 3 to 9.
4. CLOSING CONDITIONS; CLOSING EVENTS; C CLOSING EVENTS; CLOSING CONFIRMATION
4.1 Closing Conditions. The closing of the transaction contemplated
hereunder shall be conditional upon satisfaction of the following
conditions set forth in Sec. 4.1.1, 4.1.3 and 4.1.4 ("CLOSING CONDITIONS"):
4.1.1 In so far as the transaction pursuant to the competition laws of
Austria, France, Germany, Hungary, Spain or any other EU member
state must not be consummated before clearance is obtained,
completion of the transaction shall be conditional upon:
4.1.1.1 the competition authority(ies) of any relevant EU
member state(s)
(a) declining jurisdiction over the transaction;
(b) granting clearance;
(c) not issuing a decision within the required
deadlines with the consequence that the
transaction is being deemed approved according to
applicable competition laws; or
(d) requesting referral to the European Commission
pursuant to Article 22(1) of the EC Merger
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Regulation to review the transaction, such a
request being accepted and the European Commission
clearing the transaction or not issuing a decision
within the statutory deadlines with the
consequence that the transaction is being deemed
compatible with the Common Market; or
4.1.1.2 a party making a reasoned submission for referral to
the European Commission pursuant to Article 4(5) of the
EC Merger Regulation and no EU member state having
expressed its disagreement, and either:
(a) the European Commission clearing the transaction;
or
(b) the European Commission not issuing a decision
within the statutory deadlines with the
consequence that the transaction is being deemed
compatible with the Common Market.
4.1.2 The Buyer shall notify the Sellers sufficiently in advance of any
notification, which he proposes to make or submit to any
competition authority and at the same time provide the Sellers
with copies thereof and any supporting documentation reasonably
requested by the Sellers and provide Sellers with copies of other
material communication with the competition authority, provided
that Buyer shall not be required to provide the Sellers with any
confidential information or business secrets. The Buyer
undertakes to take due consideration of any comments which the
Sellers may have in relation to any such notification, prior to
making the relevant notification. The Buyer further agrees to
keep the Sellers fully informed as to the progress of any
notification. The Buyer undertakes to use its best efforts to
procure that the conditions set out under subsection 4.1.1 is
fulfil as soon as reasonably practicable after the date hereof.
The Buyer shall be obliged to submit all filings to competition
authorities referred to under Sec. 4.1.1 without undue delay
(unverzuglich).
The Sellers shall contribute to the proceedings referred to in
Sub-Sec. 4.1.1. as best as they can, in particular Sellers shall
(i) promptly provide Buyer upon request with all information on
the Sellers which are required for the preparation of the
notification or in the course of the merger control proceedings,
and (ii) to the extent legally possible, use their reasonable
endeavours to cause the Company to provide the necessary
information required for the
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preparation of notifications or in the course of the merger
control proceedings.
The Buyer is required to accept any conditions imposed by
competition authorities only to the extent that compliance with
such conditions would not result in a divestiture of assets
which have contributed to the turnover (Umsatz) for the last
twelve months ended on June 30, 2004 in an amount in excess of
EUR 92.6 million. Otherwise Buyer is entitled to rescind this
Agreement.
4.1.3 Since the Signing Date up until and including the day on which
the condition set forth in Sec. 4.1.1 has been satisfied, no
facts have occurred which (i) have caused an ad hoc announcement
of the Company under S. 15 Securities Trading Act
(Wertpapierhandelsgesetz) and (ii) individually or together
would have an adverse effect that cannot be cured until the next
balance sheet date on the BERU Group's EBITDA (as defined below)
by more than
(i) EUR 17.5 million, if such adverse effects would reasonably
be expected to continue or recur, or
(ii) EUR 40 million, if such adverse effects would not
reasonably be expected to continue or recur
and have not already been taken into account in the Company's
consolidated financial statements for the business year
2003/2004 or disclosed to or otherwise become known to Buyer on
or before the Signing Date (such occurrence hereinafter defined
as a "MATERIAL ADVERSE CHANGE").
It shall be understood that
(a) the foregoing condition shall apply only, if Buyer makes an
announcement for a launch of a public offer pursuant to
S. 10 (1) Securities Purchase and Takeover Act
(Wertpapiererwerbs- und Ubernahmegesetz) on or within one
week after the Signing Date and such public offer, if
launched, contains a material adverse change clause (the
"PUBLIC OFFER MAC"),
(b) provided that the content of the Public Offer MAC will be
substantially as set forth above, and to the extent that
the determination of a material adverse change under the
Public
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Offer MAC shall be made by an auditor, such determination
shall also be decisive for the determination of the Material
Adverse Change hereunder, provided that (i) the terms and
conditions set forth in the public offer for the activities
of the auditor shall not make the fulfillment of the
condition set forth in this Sec. 4.1.3 more difficult, and
(ii) the judgment of the auditor is made at the latest by
the day on which the condition set forth in Sec. 4.1.1 has
been satisfied, and
(c) provided that the content of the Public Offer MAC will be as
set forth above and the determination of the material
adverse change under the Public Offer MAC shall not be made
by an independent auditor, the determination of the Material
Adverse Change under the Public Offer MAC hereunder shall --
to the extent the Parties hereto cannot mutually agree on
the occurrence of a Material Adverse Change -- be made by an
independent auditor (the "Independent Auditor"). If the
Parties cannot mutually agree upon the Independent Auditor
within two business days after the ad hoc announcement, such
Independent Auditor shall be appointed, upon request of
either Party, by the Institut der Wirtschaftsprufer in
Duesseldort, Germany. The Independent Auditor shall act as
an expert and not as an arbitrator, and his determination of
a Material Adverse Change shall be delivered within 10
business days and shall be conclusive and binding upon the
Parties and shall not be subject to any appeal.
The Company has confirmed in a letter dated October 30, 2004, a
copy of which is attached hereto as Exhibit 4.1.3, that it will
reasonably cooperate with any auditor who is going to make the
judgement on the occurrence of the Material Adverse Change.
For purposes of the Sec. 4.1.3, EBITDA means the earnings of the
Company and its consolidated subsidiaries before interest, taxes,
depreciation and amortisation as used by the Company in its
consolidated financial statements for the business year 2003/2004
and, for purposes of determining the EBITDA, the accounting and
valuation principles and the valuation options used by the
Company in its consolidated financial statements for the business
year 2003/2004 shall be consistently applied and changes in the
applicable accounting and valuation rules shall not be taken into
account.
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The condition contained in this Sec. 4.1.3 may be waived by
Buyer at any time.
4.1.4 The Sellers have timely presented the bank letters referred to in
Sections 1.4 (a) and 1.4. (b)_. The condition contained in this
Sec. 4.1.4 may be waived by Buyer at any time.
4.1.5 If the Closing Conditions have not been met or waived by March
15, 2005 at the latest or, in the event that filings to the
competition authorities of any EU member state will become
necessary as a result of one or more EU member states having
objected to a referral to the European Commission in accordance
with Sec. 4.1.1.2 above, by March 31, 2005 at the latest, any of
the Parties may rescind this Agreement having the effect that
none of the Parties is bound anymore by this Agreement.
4.2 Closing Events. On the Closing Date, the following shall take place in the
following sequence:
4.2.1 The Parties shall enter into the Transfer Agreement.
4.2.2 The Sellers shall present resignation letters from each of the
Shareholder Representatives (or any successors which have been
appointed before the Closing Date) according to which the
Shareholder Representatives resign (i) from the office with
effect as of the Closing Date if legally possible, or (ii) as
soon as legally possible immediately thereafter.
4.2.3 The Buyer shall pay the C Purchase Price, the R Purchase Price
and the Family Purchase Price in accordance with Sec. 3.2;
(the "CLOSING EVENTS").
4.3 C Closing Events. In the event that Seller C has determined a C Closing
Date pursuant to Sec. 2.3 above, Sec. 4.2 (except for Sec. 4.2.2 which will
remain in full effect) shall not apply to Seller C, but only to Buyer,
Seller R and the Family Sellers and the following shall take place in the
following sequence:
4.3.1 On or before the C Closing Date Seller C and Buyer shall procure
execution of the documentation contemplated under Sec. 2.3.
4.3.2 On the C Closing Date, Seller C and Buyer shall enter into a
transfer agreement with respect to the C Shares which, except for
the restrictions set forth in Sec. 2.3, shall be substantially
the same as in Exhibit 2.5.
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4.3.3 On the C Closing Date, Buyer shall pay the C Purchase Price in
accordance with Sec. 3.2.1.
4.3.4 On the Closing Date, (i) Seller C shall repay the outstanding
loan amount under the DreBa Loan (including interest and charges)
against release by Dresdner Bank AG of the pledge of Buyer's
Deposit Account, and (ii) simultaneously, Buyer shall release
Seller C of the pledge of his bank account to which payment of
the C Purchase Price has been made, and (iii) simultaneously,
Seller C shall release Buyer of the second rank pledge
(zweitrangiges Pfandrecht) on Buyer's Deposit Account.
(the "C CLOSING EVENTS").
4.4 Closing Confirmation. On the Closing Date, Sellers and Buyer shall confirm
in a written document to be jointly executed by Sellers and Buyer (the
"CLOSING CONFIRMATION") that the Closing Conditions have been fulfilled or
waived, all Closing Events and, if applicable, the C Closing Events, have
been performed or waived and that payment of the C Purchase Price, the R
Purchase Price and the Family Purchase Price as well as the transfer of the
Shares have occurred.
5. SELLERS' LIABILITY
5.1 Sellers' Guarantees. Each Seller hereby represents and warrants subject to
any limitations contained in this Agreement, in particular but not limited
to, the remedies and limitations, set out in Sec. 5 and 7 below by way of
an independent guarantee pursuant to Sec. 311(1) German Civil Code (BGB)
that the statements set forth hereafter are true ad correct as of the
Signing Date and the Closing Date, or the C Closing Date, as the case may
be, unless it is specifically provided for that a representation shall be
made as of one of these dates only or as a different date:
5.1.1 Enforceability; No Violation. This Agreement constitutes a legal,
valid and binding obligation of the respective Seller,
enforceable under German laws in accordance with its terms,
subject only, if the case arises, to limitations on
enforceability under generally applicable statutory laws. The
execution and consummation of this Agreement and the performance
of the transactions contemplated hereunder does not and will not
violate any judicial or governmental order (gerichtliche oder
behordliche Verfugung) by which the respective Seller is bound,
or with respect to Seller C, 8 and 9 any provision of such
Seller's Articles of Association or any legally effective
resolution of such Seller's management (Geschaftsfuhrung) or
shareholders' meeting.
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5.1.2 Status of the Company. The Company is a German stock
corporation (Aktiengesellschaft) duly organized and validly
existing under the laws of Germany. All information referred
to under Sec. 1.1 to 1.3 is true and correct.
5.1.3 Ownership of the Shares: No Encumbrances and Rights of Third
Parties. Except for pledge of the Seller C Shares to
Dresdner Bank AG under the DreBa Loan or the DreBa Pledge
which shall be released at the latest on the Closing Date,
the respective Seller is the legal and beneficial owner of
such number of the Shares as set forth in Sec. 1.3 with
respect to such Seller and such shares are free of any
encumbrances or any other rights of third parties. The
respective Seller has the right and the power to freely
dispose of such shares without the consent of any third
party and such shares have been fully paid in, and the share
capital has not been repaid.
5.1.4 Representing and Warranties qualified by Knowledge. To the
Knowledge of the respective Seller.
(a) the consolidated financial statements of the Company
for the business years 2003/2004 and 2002/2003 have
been prepared in accordance with generally accepted
accounting principles in Germany and present a true and
fair view of the net worth, financial position and
results of the respective company as of the respective
accounting date, and since April 1, 2004 no
transactions outside the ordinary course of business
have been approved by or have been brought to the
attention of the Supervisory Board of the Company and
executed or carried out;
(b) the structural chart attached as Exhibit 5.1.4(b)
correctly reflects the structure of the BERU Group and
its minority shareholdings and except as disclosed in
Exhibit 5.1.4 (b) the direct or indirect shareholdings
of the Company shown in such chart are within the
unrestricted ownership of the Company;
(c) as of the Signing Date, none of the companies of the
BERU Group is a party to any pending or threatened
legal proceedings (including any arbitration,
administrative or competition law proceedings) whether
as a plaintiff or defendant or third party, with a
value exceeding EUR 500,000;
(d) there are no Intellectual Property Rights of third
parties which are infringed by any company of the BERU
Group resulting in a claim by a third party in the
amount of at least EUR 500,000 and there are
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no Intellectual Property Rights owned or used by any company of
the BERU Group which are infringed by any third party.
"INTELLECTUAL PROPERTY RIGHTS" shall mean patents, utility
patents, inventions, trademarks, trade names, trade dress,
models, designs, copy rights, computer software, data bases,
know-how and trade secrets;
(e) as of the Signing Date, none of the companies of the BERU Group
is a party to any contract containing a Change of Control Clause.
"CHANGE OF CONTROL CLAUSE" shall mean any clause allowing the
other party to terminate the contract or ask for an amendment of
the contract in case the Buyer acquires the Shares, provided that
such contract (i) must be a joint venture agreement or (ii) must
provide for an annual volume of more than EUR 500,000 and (iii)
does not fall under the scope of Sec. 5.1.4(g);
(f) as of the Signing Date, except for the soil and groundwater
contaminations specified in the Phase I Vendor Due Diligence
Report prepared by ERM dated April 2004 or the reports listed in
Exhibit 5.1.4 (f), there are not soil or groundwater
contaminations of the real estate owned or used by any of the
companies of the BERU Group which require remedial measures under
applicable law at costs exceeding EUR 500,000 in the individual
case;
(g) except for the agreements with ▇▇. ▇▇▇ ▇▇▇▇▇▇▇ dated May 24/26,
2004 and March 31/April 01, 2004, the agreements with ▇▇. ▇▇▇▇▇▇▇
dated May 04/19, 2004, and the agreement with ▇▇. ▇▇▇▇▇▇▇▇ dated
September 23/25, 2004, none of the companies of the BERU Group
(as set forth in Exhibit 5.1.4 (b)) has entered into any
agreements with a member of the management (Vorstand) which (i)
grants a special bonus or other form of compensation in case the
transaction provided for hereunder is executed, or (ii) grants a
member of the management the right to terminate his employment
in case the transaction provided for hereunder is executed.
5.1.5 Representations and Warranties not qualified by Knowledge.
(a) No hidden profit distributions (verdeckte Gewinnausschuttungen)
have been made since January 1, 1998 by any company of the BERU
Group to any of the Sellers;
(b) no agreements exist between any company of the BERU Group on the
one hand and any of the Sellers on the other hand.
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5.2 Disclosure to Buyer. Buyer together with its advisors has conducted its own
due diligence investigation concerning the legal and other relevant facts
concerning the Company, the Company's direct and indirect subsidiaries and
their businesses. The Sellers shall not be liable for, and Buyer shall not
be entitled to bring any claim under Sec. 5 and 7 if and to the extent the
matter giving rise to such claim was, before the Signing Date, known to
Buyer or disclosed to Buyer.
For the purpose of this Sec. 5.2 the term "Buyer" shall include Buyer's
directors and officers as well as Buyer's employees and Buyer's advisors
and consultants involved in connection with the acquisition of the Shares
by Buyer.
6. BUYER'S GUARANTEES
The Buyer represents and warrants, subject to any limitations contained in
this Agreement, in particular, but not limited to, the remedies and
limitations set out in Sec. 6 and 7, to the Sellers, in the form of an
independent guarantee pursuant to Sec. 311(1) German Civil Code (BGB) that
the statements set forth hereafter are true and correct as of the Signing
Date and the Closing Date, unless it is specifically provided for that a
representation shall be made as of one of these dates only or as of a
different date:
6.1 Status of the Buyer. The Buyer (i) is duly incorporated and validly
existing under the laws of Germany and (ii) has the unrestricted capacity
to execute this Agreement and to perform its obligations thereunder. No
bankruptcy proceedings or other proceedings under applicable law providing
protection against enforcement by creditors have been opened over Buyer's
assets, and no circumstances exist which would require Buyer or Buyer's
management, board or shareholders to apply for the opening of such
proceedings.
6.2 Enforceability of Agreement: No Violation. This Agreement constitutes a
legal, valid and binding obligation of Buyer, enforceable under German laws
in accordance with its terms, subject only, if the case arises, to
limitations on enforceability under generally applicable statutory law. The
execution and consummation of this Agreement and the performance of the
transactions contemplated hereunder does not and will not violate any
judicial or governmental order (gerichtliche oder behordliche Verfugung) to
which the Buyer is bound, any provision of Buyer's Articles of Association
or any legal effective resolution of Buyer's management (Geschaftsfuhrung)
or shareholders' meeting.
6.3 Financial Capability. The Buyer will as of the Closing Date, or, if
applicable, with respect to its payment obligations to Seller C, as of the
C Closing Date, have the
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financial capacity and means to comply promptly with its payment and other
obligations under this Agreement.
6.4 No Litigation. As of the Signing Date there is no action, suit,
investigation or other proceedings pending against, or threatened in
writing against or, to Buyer's best knowledge, affecting Buyer which in any
manner challenges or seeks to prevent, enjoin, alter or materially delay
the execution or consummation of this Agreement or the performance of the
transactions contemplated hereunder.
7. REMEDIES
7.1 Remedies. In the event of a
7.1.1 liability of a Seller under Sec. 5, the Buyer shall only have the
right to demand that the respective Seller within an appropriate
period of time which in any event shall be no less than two
months after receipt of such demand put Buyer into the same
situation the Buyer would have been in, had the representation or
warranty been correct (Naturalrestitution), or, at Buyer's
choice, to pay damages. For the avoidance of doubt, (i) all
statements of Sellers made in Sec. 5 are made with respect to its
shareholdings as set out in Sec. 1.3 only, (ii) where statements
of a Seller made in Sec. 5 relate to the Company, a Seller shall
be held liable only to such percentage of damages or losses as
reflects such Seller's percentage of pro-rated shareholding in
the Company as set out in Sec. 1.3, (iii) each Seller shall be
subject to several liability (teilschuldnerishe Haftung)
exclusively and any joint and several liability
(gesamtschuldnerische Haftung) of the Sellers shall be expressly
excluded, and (iv) where representations and warranties are given
subject to Knowledge as defined in Sec. 7.6.1 below, each Seller
shall only be responsible for its own Knowledge exclusively.
Without limiting the generality of the foregoing, with respect to
the warranty of the Family Sellers under Sec. 5.1.3 above solely,
Seller 3 shall be jointly and severally liable with Sellers 4-9.
For the avoidance of doubt, Sellers 4-9 shall not be jointly and
severally liable among each other or together with Seller 3.
7.1.2 liability of Buyer under Sec. 6, each Seller shall only have the
right to demand jointly together with the other Sellers that
Buyer within an appropriate period of time, which in any event
shall be no less than two months after receipt of such demand,
puts each Seller into the same situation Sellers would have been,
had the representation or warranty been correct
(Naturalrestitution) or, at Sellers' unanimous choice, to pay
damages.
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7.2 Time Limitations. Subject to sentences 2 and 3 hereof, any claims of the
Buyer against any Seller under Sec. 5.1 and 7.1, as well as any claims of
Sellers against Buyer under Sec. 6 and 7.1 shall become time-barred
(verjahren) on February 28, 2006. Any claims of Buyer against Seller R and
the Family Sellers in connection with a breach of Sec. 5.1.5 (a) shall
become time-barred (verjahren) on February 28, 2007. Any claims of Buyer
against any of the Sellers in connection with a breach of Sec. 5.1.3 shall
become time-barred (verjahren) 2 (two) years after the Closing Date.
Section 203 of the German Civil Code (BGB) shall be expressly excluded.
7.3 Exclusive Remedies. The Parties are in agreement that the remedies Buyer
may have against any or all the Sellers and the remedies Sellers may have
against Buyer for breach of obligations set forth in this Agreement are
exclusively governed by this Agreement, and the remedies provided for by
this Agreement shall be the exclusive remedies available to Buyer or the
Sellers, as the case may be. Apart from the rights of Buyer or the Sellers
under Sec. 7 or 4.1.6, (i) any right of the Parties to rescind
(zurucktreten) this Agreement or to require the winding up of the
transaction contemplated hereunder (e.g. by way of grosser Schadenersatz or
Schadenersatz statt der ganzen Leistung), (ii) any claims for breach of
pre-contractual obligations (culpa in contrahendo, including but not
limited to claims arising under Sec. 241 (2), 311 (2) (3) German Civil
Code) or ancillary obligations (positive Forderungsverletzung, including
but not limited to claims arising under Sec. 280, 282 German Civil Code),
(iii) frustration of contract pursuant to Sec. 313 German Civil Code
(Storung der Geschaftsgrundlage), (iv) all remedies for defects under Sec.
437 through 441 German Civil Code (v) any and all other statutory rights
and remedies, if any, are hereby expressly excluded and waived by the
Parties, except claims for reason of wilful deceit (arglistige Tauschung)
and other intentional breaches of contract (vorsatzliche
Vertragsverletzungen). The Parties are in agreement that Sellers' and
Buyers' Guarantees are only designed for the specific remedies and the
restrictions set forth in Sec. 7 and that Sellers' and Buyers' statements
under Sec. 5.1 or, as the case may be, 6., shall not serve to provide Buyer
or the Sellers, as the case may, with any claims other than those set forth
in this Agreement. The Parties are further in agreement that under no
circumstances shall Sellers' and Buyers Guarantees be construed as
representations with respect to the quality of the purchase object within
the meaning of Sec. 276 (I), 443 German Civil Code (Garantie fur die
Beschaffenheit der Sache) and therefore, the Parties explicitly waives the
application of Sec. 444 German Civil Code.
7.4 Prompt Notification. Any claims based on Sec. 5 and Sec. 6 must be raised
by Buyer against the Sellers or, as the case may be, by the Sellers against
Buyer, within three (3) months after anyone of the Sellers or Buyer, as the
case may be, having become aware of the underlying facts or circumstances
giving rise to such
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claims, the nature of the respective claim as well as its financial volume,
such notification to specify the underlying facts, the nature of the
respective claim as well as its financial volume.
7.5 Buyer's Cooperation. If and to the extent any remedial action requires
the cooperation of Buyer, Buyer shall, to the extent legally possible for
Buyer, at the request and expense of the respective Seller, take all
reasonable steps the respective Seller may request from Buyer. In
particular, Buyer shall, to the extent legally possible for Buyer, be
obliged to give any approval, to adopt any resolution or to exercise its
rights as a shareholder of the Company in such way deemed necessary, by the
respective Seller to remedy the defect in question.
In case the competent tax authorities should take the view that a hidden
profit distribution within the meaning of Sec. 5.1.5 (a) has been made to
any of the Sellers, the respective Seller shall be entitled to take part in
any tax audit, administrative or judicial tax proceeding which relate to
the asserted hidden profit distribution and to fiscal years ending on or
after January 1, 1998 (the "TAX PROCEEDINGS"), and Buyer shall procure that
the Company allows the respective Seller to (i) fully participate in such
Tax Proceedings and (ii) elect to direct on its own or through counsel of
its choice and at its expense, any Tax Proceedings insofar as the Tax
Proceeding relates to an asserted hidden profit distribution, it being
understood that joint directions by the respective Seller and the Company
shall be made where the Tax Proceedings also related to matters other than
hidden profit distributions to such Seller. If the Seller elects a Tax
Proceeding, then the Seller shall notify Buyer of its intent to do so, and
Buyer shall cooperate and cause the Company or the respective successors to
cooperate, at the Seller's expense in each phase of such Tax Proceeding
insofar as the Tax Proceeding involves an asserted tax liability for which
the Seller would be liable under this Section 7.5.
7.6 Further Limitations on Seller's Liability
7.6.1 In case of the representations and warranties qualified by
Knowledge and referred to in Sec. 5.1.4 above, "Knowledge" shall
mean (i) with respect to Seller C the actual knowledge (positive
Kenntnis) of Seller C's current directors and the former
directors ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇, ▇▇. ▇▇▇▇▇▇ ▇▇▇▇ and ▇▇. ▇▇▇▇▇▇
▇▇▇▇▇▇▇; and (ii) with respect to each of the Sellers R, 3, 4, 5,
6, and 7 his or her respective actual knowledge (positive
Kenntnis) and (iii) with respect to each of the Sellers 8 and 9
the actual knowledge (positive Kenntnis) of any of the respective
managing directors of its general partners. For the avoidance of
doubt, "Knowledge" shall comprise neither (i) the obligation of
Sellers to perform or have performed a reasonable investigation
nor (ii) facts that Sellers should have known (▇▇▇▇▇▇ ▇▇▇▇▇▇).
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7.6.2 In case of a breach of warranty under Sec. 5.1.4 above (i) each
Seller shall only be liable to the extent that the damage
(resulting from one or more breaches) exceeds a total of
EUR 2.5 million, (ii) Seller C's total liability shall not exceed
a total of EUR 16,4 million, (iii) Seller R's total liability
shall not exceed a total of EUR 6 million and (iv) the total
liability of each of the Family Sellers shall not exceed an
amount equal to 20% of the amount set forth for each the Family
Sellers in Sec. 3.1 as purchase price entitlement, respectively.
7A FURTHER UNDERTAKINGS
7A.1 Sellers' Undertakings
7A.1.1 Until the earlier of the date referred to in Sec. 4.1.6
above and the Closing date, Sellers shall not tender
the Shares in any public offer and Sellers shall not
sell, transfer or otherwise dispose of, the Shares to
any party other than the Buyer or pledge the Shares for
any purposes.
7A.1.2 Sellers will not support, directly or indirectly, a
competing offer for the Shares of the Company.
7A.1.2 In case a shareholders meeting of the Company is held
before the earlier of the date referred to in Section
4.1.6 above or the Closing Date, the Sellers shall
(i) participate in such meeting and (ii) not vote in
favour of any capital increase of the share capital of
the Company, and (iii) not vote in favour of any sale
of assets or any acquisition, unless previously
approved by Buyer. This Sec. 7A.1.2 shall apply to
Seller R and the Family Sellers only as from January
01, 2005.
7A.2 Waiver. Each of the Sellers hereby waives any rights of first
refusal or other rights he or she may have with respect to any of
the Shares or with respect to additional 81,500 shares still held
by Seller 5 (which are not sold under this Agreement).
7A.3 ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act. With respect to the cooperation of the
Company regarding the assessment of the Company's internal
controls over financial reporting after the Closing Date as
required under the ▇▇▇▇▇▇▇▇-▇▇▇▇▇ Act, the Company's confirmation
letter dated October 30, 2004 is attached hereto as
Exhibit 4.1.3.
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8. CONFIDENTIALITY; ANNOUNCEMENTS
8.1 Confidentiality. Any information or documents relating to a Party to this
Agreement, the Company, a company of the BERU Group, or their respective
businesses and made available to another Party in the course of the
preparation of the transaction contemplated hereunder shall not be
disclosed to third parties or published unless required by applicable laws,
rules or regulations (including takeover regulation). However, this
obligation shall not apply to information that is proven (i) to have been
(or have become) generally available (public domain) without breach of any
obligation of any of the Parties, (ii) to have been known to the disclosing
Party prior to the disclosure, (iii) to have been independently developed
by the disclosing Party, or (iv) to have been received by the disclosing
Party from a third party without any violation of any obligation of such
third party vis-a-vis the disclosing Party.
Neither Party shall, without the prior written consent of the respective
other Party, disclose the contents of this Agreement to third parties or
make any information relating thereto available to third parties. This
shall not, however, apply to the extent a Party or any affiliate of a Party
may be obliged to make any announcement or disclosure (including the
disclosure of this Agreement), under applicable laws or regulations
(including the rules of relevant stock exchanges or relevant Takeover
Codes, including the German Securities Purchase and Takeover Act -
Wertpapiererwerbs- und Ubernahmegesetz) and the German Securities Trading
Act - Wertpapierhandelsgesetz ("WpHG"). The Buyer acknowledges that
Sellers 3, 4, 5, 6, and 7 will immediately after satisfaction of the
Closing Conditions, be obligated to file director's dealings notifications
pursuant to Art. 15 a WpHG concerning the sale of their portion of the
Family Shares contemplated under this Agreement. The right of the Parties
to disclose matters to advisers who are bound by a professional duty of
confidentiality shall remain unaffected.
8.2 Announcements. The Parties undertake that without the written consent of
the other Parties neither Party shall make any public announcement
regarding this Agreement, unless, in a reasonable judgment of a Party,
required by, or appropriate under, applicable laws or regulations
(including, without limitation, the rules of the relevant stock exchanges
or takeover codes, in particular the German Securities Purchase and
Takeover Act - Wertpapiererwerbs- und Ubernahmegesetz). Sufficiently prior
to any permitted announcement the Party wishing to make the announcement
shall, to the extent possible without violation of legal restrictions,
notify the other Party thereof, provide to the other Party the proposed
wording and take any requests of the other Parties into due consideration.
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9. NOTICES
All notices and other communications hereunder shall be made in writing
and shall be sent by registered mail or courier to the following addresses:
If to Seller C, to
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇
CEP BE 00 Beteiligungs GmbH
▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇
▇▇▇▇▇ ▇▇▇▇▇▇▇
in each case with a copy to:
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Milbank, Tweed, ▇▇▇▇▇▇ & ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-80539 Munchen
If to Seller R, to
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
in each case with a copy to:
▇▇. ▇▇▇▇ Grub
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
If to the Sellers 3-9, to,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude;
Sale and Purchase Agreement
29/32
provided that such authority of ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ shall be irrevocable,
unless Sellers 3-9 jointly transfer such authority to one other person
in each case with a copy to:
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇
HAPP ▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
If to the Buyer, to:
Borg Warner Inc.
Attn.: General Counsel
▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇ ▇▇▇
▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇/▇▇▇
in each case with a copy to:
HENGELER ▇▇▇▇▇▇▇
Attn.: ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇. ▇▇
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇
or to such other recipients or addresses which may be specified by any
Party to the other Parties in the future in writing.
10. COSTS
All costs, including expenses, fees and charges, in connection with the
preparation, negotiation, execution and consummation of this Agreement or
the performance of the transactions contemplated hereunder, including,
without limitation, fees and expenses of professional advisors, shall be
borne by the Party commissioning such costs. Stamp duties, locally
applicable transfer taxes and similar fees necessary to transfer title to
any Shares to Buyer as well as fees charged by any antitrust authorities
in connection with any clearance under applicable antitrust laws shall be
borne by Buyer.
Sale and Purchase Agreement
30/32
11. MISCELLANEOUS
11.1 Entire Agreement. This Agreement contains the entire agreement between the
Parties concerning the subject matter hereof and shall supersede and
replace all prior oral and written declarations of intention made by the
Parties in respect thereof.
11.2 Amendments. Any amendments to this Agreement (including amendments to this
Sec. 11.2) shall be valid only if made in writing, unless a stricter form
(including notarial form) is required by mandatory law.
11.3 Headings. The headings in this Agreement are inserted for convenience only
and shall not affect the interpretation of this Agreement.
11.4 German Terms. Where a German term has been inserted in quotation marks
and/or italics, such term alone (and not the English term to which it
relates) shall be authoritative for the interpretation of the respective
provision.
11.5 Assignment. No Party shall be entitled to assign any rights or claims under
this Agreement without the written consent of the other Party, such consent
not to be unreasonably withheld.
11.6 Banking Days. "BANKING DAYS" referred to in this Agreement shall be any
days other than Saturdays, Sunday or public holidays in Frankfurt am Main.
11.7 No Rights of Third Parties. This Agreement shall not grant any rights to,
and is not intended to operate for, the benefit of any third parties.
11.8 Exclusion of Remedies. Except as provided otherwise herein, no Party shall
be entitled (i) to set-off (aufrechnen) any rights and claims it may have
against any rights or claims any other Party may have under this Agreement,
or (ii) to refuse to perform any obligation it may have under this
Agreement on the grounds of a right of retention (Zuruckbehaltungsrecht),
unless the rights or claims of the relevant Party claiming a right of
set-off (Aufrechnung) or retention (Zuruckbehaltung) have been acknowledged
(anerkannt) in writing by the relevant other Party or have been confirmed
by final decision of a competent court.
11.9 Governing Law: Place of Venue. This Agreement shall be governed by, and be
construed in accordance with, the laws of the Federal Republic of Germany,
without regard to principles of conflicts of laws. In the event of any
dispute between the Parties arising under or in connection with this
Agreement or its validity, the Parties agree on Stuttgart as the exclusive
venue, if and to the extent this is permissible pursuant to Sec. 38 of the
German Civil Procedure Ordinance
Sale and Purchase Agreement
31/32
(Zivilprozessordnung).
11.10 Partial Invalidity. In the event that one or more provisions of this
Agreement shall, or shall be deemed to, be invalid or unenforceable, the
validity and enforceablity of the other provisions of the Agreement shall
not be affected thereby. In such case, the Parties agree to recognize and
give effect to such valid and enforceable provision or provisions that
correspond as closely as possible with the commercial intent of the
Parties. The same shall apply in the event that this Agreement contains
any gaps (Vertragslucken).
Frankfurt am Main, Hamburg, Munich, October 30, 2004
/s/ ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
---------------------------------------------
Seller C, represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
---------------------------------------------
Seller R, represented by ▇▇. ▇▇▇▇ Grub,
who is represented by ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 3, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 4, represented by Seller 3,
who is represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 5, represented by Seller 3,
who is represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 6, represented by Seller 3,
who is represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Sale and Purchase Agreement
32/32
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 7, represented by Seller 3,
who is represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 8, represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
---------------------------------------------
Seller 9, represented by Seller 3,
who is represented by ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
---------------------------------------------
Buyer, represented by ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
SHARES IN BERU AKTIENGESELLSCHAFT
--------------------------------
EXHIBITS
--------------------------------
LIST OF EXHIBITS
Exhibit 1.4(a) Confirmation of Share Deposit Bank (Seller C)
Exhibit 1.4(b) Confirmation of Share Deposit Bank (Seller R)
Exhibit 1.4(c) Confirmation of Share Deposit Bank (Family Sellers)
Exhibit 2.5 Transfer Agreement
Exhibit 4.1.3 Company's letter confirming cooperation with auditor
Exhibit 5.1.4(b) Chart of structure of the BERU Group and the
shareholdings
Exhibit 5.1.4(f) List of Environmental Reports
EXHIBIT 1.4(a)
CONFIRMATION OF SHARE DEPOSIT BANK (SELLER C)
(Letterhead Dresdner Bank)
To: BorgWarner Germany GmbH
Im Fuchsloch 16
D-69123 Heidelberg
Ladies and Gentlemen,
We hereby confirm (i) that CEP BE 00 Beteiligungs GmbH, Munich ("Seller") holds
a total of 3,705,875 no par value bearer shares (nennwertlose auf den Inhaber
lautende Stuckaktien) of BERU Aktiengesellschaft in the share deposit account
No. 451/506 185400 maintained with us and (ii) that the Seller has irrevocably
instructed us to block such shares in the above mentioned share deposit account
to the effect that until 31 March 2005(1) the aforementioned shares cannot,
without your consent, be transferred to any party other than yourself.
We further hereby confirm that we have been irrevocably instructed by Seller to
transfer all of the aforementioned shares to your share deposit account with
Dresdner Bank AG [(specify branch)] with the number
[______________________],
if, and as soon as, we shall have received without reservation the amount of EUR
[______________] for credit to the bank account of the Seller with us with the
number
[______________________],
on or before 31 March 2005(2).
We further confirm to you acceptance of such instructions and that we will
effect such transfer of shares in case of receipt of the above mentioned amount
in accordance with
----------
(1) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
(2) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
these instructions, without raising any rights of retention, pledge rights or
similar rights with respect to the above mentioned shares, unless we are legally
bound (other than by agreements between us and the Seller or us and a third
party for the benefit of the Seller) to refrain from doing so.
Yours sincerely
Dresdner Bank
EXHIBIT 1.4(b)
CONFIRMATION OF SHARE DEPOSIT BANK (SELLER R)
[Letterhead Dresdner Bank]
To: BorgWarner Germany GmbH
Im Fuchsloch 16
D-69123 Heidelberg
Ladies and Gentlemen,
We hereby confirm (i) that ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ("Seller R") holds a total of 511,605 no par value bearer shares
(nennwertlose auf den Inhaber lautende Stuckaktien) of BERU Aktiengesellschaft
in the share deposit account No. 020880109 maintained with us and (ii) that
the Seller R has irrevocably instructed us to block such shares in the above
mentioned share deposit account to the effect that until 31 March 2005(1) the
aforementioned share cannot, without your consent, be transferred to any party
other than yourself.
We further hereby confirm that we have been irrevocably instructed by Seller R
to transfer all of the aforementioned shares to your share deposit acount with
Dresdner Bank AG [(specify branch)] with the number
[______________________],
if, and as soon as, we shall have received without reservation the amount of EUR
[______________] for credit to the bank account of the Seller with us with the
number
[______________________],
on or before 31 March 2005(2).
----------
(1) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
(2) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
We further confirm to you acceptance of such instructions and that we will
effect such transfer of shares in case of receipt of the above mentioned amount
in accordance with these instructions, without raising any rights of retention,
pledge rights or similar rights with respect to the above mentioned shares,
unless we are legally bound (other than by agreements between us and the Seller
R or us and a third party for the benefit of the Seller R) to refrain from doing
so.
Yours sincerely
Dresdner Bank AG
EXHIBIT 1.4(c)
CONFIRMATION OF SHARE DEPOSIT BANK (FAMILY SELLERS)
(Letterhead Dresdner Bank)
To: BorgWarner Germany GmbH
Im Fuchsloch 16
D-69123 Heidelberg
Ladies and Gentlemen,
We hereby confirm (i) that
- ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇;
- ▇▇▇▇ ▇▇▇▇▇▇, Hohe Berge 19, 21614 Buxtehude;
- ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇;
- ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇;
- ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, Klosterfeldstrasse 14, 21614 Buxtehude;
- ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ Buxtehude and
- ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇, ▇▇▇▇▇ Stuttgart
("Family Sellers") holds a total of 2,003,690 no par value bearer shares
(nennwertlose auf den Inhaber lautende Stuckaktien) of BERU Aktiengesellschaft
in the share deposit account No. [____] maintained with us and (ii) that the
Family Sellers have irrevocably instructed us to block such shares in the above
mentioned share deposit account to the effect that until 31 March 2005(1) the
aforementioned shares cannot, without your consent, be transferred to any party
other than yourself.
We further hereby confirm that we have been irrevocably instructed by the Family
Sellers to transfer all of the aforementioned shares to your share deposit
account with Dresdner Bank AG [(specify branch)] with the number
[______________________],
----------
(1) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
if, and as soon as, we shall have received without reservation the amount of EUR
[______________] for credit to the bank account of the Family Sellers with us
with the number
[______________________].
on or before 31 March 2005(2).
We further confirm to you acceptance of such instructions and that we will
effect such transfer of shares in case of receipt of the above mentioned amount
in accordance with these instructions, without raising any rights of retention,
pledge rights or similar rights with respect to the above mentioned shares,
unless we are legally bound (other than by agreements between us and the Family
Sellers or us and a third party for the benefit of the Family Sellers) to
refrain from doing so.
Yours sincerely
Dresdner Bank AG
----------
(2) Note: to be changed to 15 March 2005 in the event that, until the Bank
Confirmation has to be executed, it has turned out that no filings to
competition authorities of EU Member State will have become necessary.
EXHIBIT 2.5
TRANSFER AGREEMENT
--------------------------------
TRANSFER AGREEMENT
--------------------------------
regarding the
Transfer of
SHARES IN BERU AKTIENGESELLSCHAFT
TRANSFER AGREEMENT
by and between
on the one hand
1. CEP BE 00 BETEILIGUNGS GMBH,
a limited liability company with its registered seat at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇
▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇, and registered with the commercial register of the
local court of Munich under HRB 145898, represented by
[_______________]
-"SELLER C"-
2. FRAU ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, represented by
[_______________]
-"SELLER R"-
3. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇;
-"SELLER 3"-
4. ▇▇▇▇ ▇▇▇▇▇▇,
Hohe Berge 19, 21614 Buxtehude, represented by [_______________]
-"SELLER 4"-
5. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
Klosterfeldstrasse 14, 21614 Buxtehude, represented by
[_______________]
-"SELLER 5"-
6. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, represented by
[_______________]
-"SELLER 6"-
7. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇,
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, represented by
[_______________]
-"SELLER 7"-
8. KLOSTERFELD BETEILIGUNGEN GMBH + Co. KG,
a limited partnership with its seat at ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇, D-21614
Buxtehude, and registered with the commercial register of the local
court of Buxtehude under HRA 3118, represented by its general partner
Verwaltungsgesellschaft Klosterfeld Beteiligungen mbH with its seat in
Buxtehude, a limited liability company registered the commercial
register of the local court of Buxtehude under HRB 3652, which is
itself represented by [________________]
-"SELLER 8"-
9. ▇▇▇▇▇-▇▇▇▇▇▇ GMBH & Co. KG,
a limited partnership with its seat at Mittlerer Pfad 15, D-70499
Stuttgart, and registered with the commercial register of the local
court of Stuttgart under HRA 13096, represented by its general partner
▇▇▇▇▇-▇▇▇▇▇▇ Verwaltungs-GmbH, a limited liability company registered
the commercial register of the local court of Stuttgart under HRB
18360, which is itself represented by [________________]
-"SELLER 9"-
-Seller 3 to Seller 9 collectively the "FAMILY SELLERS" and
individually a "FAMILY SELLER"-
-Seller C, Seller R and the Family Sellers collectively: the "SELLERS"
and
individually; a "SELLER"-
and
10. BORGWARNER GERMANY GMBH, a company with limited liability with its
registered seat at ▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇, ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇, and registered
with the
commercial register of the local court of Heidelberg under HRB 5929,
represented by [________________]
-"BUYER"-
-Sellers and Buyer each a "PARTY" and collectively the "PARTIES"-
PREAMBLE
A. On October 30, 2004 the Parties have entered into a sale and purchase
agreement relating to the sale of shares in BERU Aktiengesellschaft,
Ludwigsburg, registered with the commercial register of the local court
Ludwigsburg under HRB 5087 (the "COMPANY") by the Sellers to the Buyer
(the "SALE AND PURCHASE AGREEMENT").
B. Under the Sale and Purchase Agreement Seller C has sold to Buyer
3,705,875 non par value bearer shares (nennwertlose, auf den Inhaber
lautende Stuckaktien) in the Company as described in more detail in the
Sale and Purchase Agreement (collectively the "C SHARES"), Seller R has
sold to Buyer 511,605 non par value bearer shares in the Company as
described in more detail in the Sale and Purchase Agreement
(collectively the "R SHARES"), and the Family Sellers have sold
2,003,690 non par value bearer shares in the Company as described in
more detail in the Sale and Purchase Agreement (collectively the
"FAMILY SHARES").
C. Terms with initial capital letters which are not defined herein shall
have the meaning as defined in the Sale and Purchase Agreement.
D. As provided for in Sec. 4.2.1 of the Sale and Purchase Agreement, on
the Closing Date the Parties shall execute this Transfer Agreement.
Now, therefore, the Parties agree as follows:
SECTION 1 CONFIRMATIONS BY THE SHARE DEPOSIT BANK
1.1 Seller C has presented a confirmation from Dresdner Bank AG (the "SHARE
DEPOSIT BANK") according to which the Share Deposit Bank holds the C
Shares on behalf of Seller C in a blocked account (Sperrkonto) and,
subject to payment of the C Purchase Price, has been unconditionally
and irrevocably instructed to book the C Shares to the following share
deposit account of Buyer with the Share Deposit Bank without any right
of retention, pledge right or similar right of the Share Deposit Bank
being raised:
Swift Code:
Account No.:
("BUYER'S DEPOSIT ACCOUNT")
The confirmation of the Share Deposit Bank is attached hereto as
Exhibit 1.1.
1.2 Seller R has presented a confirmation of the Share Deposit Bank
according to which the Share Deposit Bank holds the R Shares in a
blocked account (Sperrkonto) and, subject to payment of the R Purchase
Price, has been unconditionally and irrevocably instructed to transfer
the R Shares to Buyer's Deposit Account without any right of retention,
pledge right or similar rights of the Share Deposit Bank being raised.
A copy of the confirmation is attached hereto as Exhibit 1.2.
1.3 The Family Sellers have presented a confirmation of the Share Deposit
Bank according to which the Share Deposit Bank holds the Family Shares
in a blocked account (Sperrkonto) and, subject to payment of the Family
Purchase Price, has been unconditionally and irrevocably instructed to
transfer the Family Shares to Buyer's Deposit Account without any right
of retention, pledge right or similar rights of the Share Deposit Bank
being raised. A copy of the confirmation is attached hereto as Exhibit
1.3.
SECTION 2 TRANSFER OF SHARES
2.1 Subject to the condition precedent of receipt of payment of the C
Purchase Price at Seller C's Bank Account, Seller C hereby transfers
(ubereignet) the C Shares (including the assignment of his fractional
co-ownership of the Global Share Certificate) to Buyer and also assigns
to the Buyer his claims against Clearstream Banking AG and the Share
Deposit Bank as to the delivery (Herausgabe- und Auslieferungsanpruche)
with respect to the C Shares. Buyer hereby accepts such transfer and
assignment. The transfer of the C Shares shall include all ancillary
rights appertaining thereto (Nebenrechte), including without limitation
the dividend rights (Gewinnbezugsrecht) to all profits not yet
distributed to Seller C by the Closing Date.
2.2 Subject to the condition precedent of receipt of payment of the R
Purchase Price at Seller R's Bank Account, Seller R hereby transfers
(ubereignet) the R Shares (including the assignment of his fractional
co-ownership of the Global Share Certificate) to Buyer and also assigns
to the Buyer his claims against Clearstream
Banking AG and the Share Deposit Bank as to the delivery (Herausgabe-
und Auslieferungsanspruche) with respect to the R Shares. Buyer hereby
accepts such transfer and assignment. The transfer of the R Shares
shall include all ancillary rights appertaining thereto (Nebenrechte),
including without limitation the dividend rights (Gewinnbezugrecht) to
all profits not yet distributed to Seller R by the Closing Date.
2.3 Subject to the condition precedent of the receipt of payment of the
Family Purchase Price at the Family Sellers' Bank Account, the Family
Sellers hereby transfer (ubereignen) the Family Shares (including the
assignment of their fractional co-ownership of the Global Share
Certificate) to Buyer and also assign to the Buyer their claims against
Clearstream Banking AG and the Share Deposit Bank as to the delivery
(Herausgabe-und Auslieferungsanspruche) with respect to the Family
Shares. Buyer hereby accepts such transfer and assignment. The transfer
of the Family Shares shall include all ancillary rights appertaining
thereto (Nebenrechte), including without limitation the dividend rights
(Gewinnbezugsrecht) to all profits not yet distributed to the Family
Sellers by the Closing Date.
SECTION 3 MISCELLANEOUS
Sections 9-11 of the Sale and Purchase Agreement shall be applicable to this
Transfer Agreement mutatis mutandis.
------------------------------
Place, Date
------------------------------
Seller C, represented by [___]
------------------------------
[_________________]
Seller R, represented by [___]
------------------------------
[_________________]
Seller 3,
------------------------------
[_________________]
Seller 4, represented by [___]
------------------------------
[_________________]
Seller 5, represented by [___]
------------------------------
[_________________]
Seller 6, represented by [___]
------------------------------
[_________________]
Seller 7, represented by [___]
------------------------------
Seller 8, represented by [___]
------------------------------
Seller 9, represented by [___]
------------------------------
Buyer, represented by [___]
Exhibit 1.1: Confirmation from the Share Deposit Bank relating to C Shares
Exhibit 1.2: Confirmation from the Share Deposit Bank relating to R Shares
Exhibit 1.3: Confirmation from the Share Deposit Bank relating to Family Shares
EXHIBIT 4.1.3
COMPANY'S LETTER CONFIRMING COOPERATION WITH AUDITOR
[COMPANY LOGO]
Borg Warner ▇▇▇▇▇▇▇ ▇▇▇▇
▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇
Ludwigsburg, 30. Oktober 2004
MEHRHEITSUBERNAHME
Sehr geehrte Damen und ▇▇▇▇▇▇,
Unsere Gesellschaft ("Gesellschaft") wurde heute daruber informiert, dass Sie
beabsichtigen, ein Share Purchase Agreement ("SPA") uber den Erwerb einer
Aktienmehrheit in unserer Gesellschaft abzuschliessen und anschliessend ein
freiwilliges offentliches Ubernahmeangebot an unsere ubrigen Aktionare zu
unterbreiten. Sie baten uns, zur ordnungsgemassen Durchfuhrung nachfolgende
Bestatigungen abzugeben:
1. Die Gesellschaft bestatigt, dass sie den Wirtschaftsprufern
PriceWaterhouseCoopers ("WP") zwischen dem Signing Date und dem Closing Date des
SPA angemessenen Zugang zur Gesellschaft und - soweit erforderlich und soweit
rechtlich moglich - zur BERU-Gruppe geben wird und in angemessenem Umfang mit
dem WP zusammenarbeiten wird, soweit dies erforderlich ist, um mit den
Vorbereitungen fur die Prufungsverfahren nach dem Closing Date betreffend das
interne Kontrollsystem uber das Finanzwesen zu beginnen, soweit dies nach dem
Sarbanes Oxley Act erforderlich ist. Die Zusammenarbeit steht unter der
Massgabe, dass (i) die geschaftlichen Interessen und Geschaftsgeheimnisse der
Gesellschaft zu wahren sind, (ii) ein fuer die Gesellschaft angemessenes
Verfahren fuer diese Arbeiten noch zu vereinbaren ist, (iii) der WP eng mit dem
Wirtschaftsprufer der Gesellschaft zusammenarbeiten wird und (iv) der WP seine
Arbeiten in einer ▇▇▇▇▇ ausfuhrt, dass diese so wenig storend als moglich fur
die Gesellschaft und ihren Geschaftsbetrieb sind. Vor dem Beginn seiner Arbeiten
hat der WP schriftlich zu bestatigen, dass er samtliche bei seiner Tatigkeit
erlangten Informationen ▇▇▇▇▇▇ vertraulich behandeln wird und ohne schriftliche
Zustimmung der Gesellschaft diese Infomationen keinem Dritten (einschliesslich
Ihnen) zuganglich ▇▇▇▇▇▇ wird. Die Gesellschaft bestatigt, dass - soweit nach
deutschem Recht zulassig - der WP berechtigt ist, Ihnen solche Informationen
unmittelbar nach dem Closing Date zuganglich zu ▇▇▇▇▇▇, soweit dies nach dem
Sarbanes Oxley Act erforderlich ist. Soweit der WP auch im Zusammenhang mit der
in diesem SPA vorgesehenen Transaktion tatig wird, durfen die Mitarbeiter des
WP, die bei den vorstehend genannten Arbeiten tatig werden, nicht mit den
Personen identisch sein, die Sie im Zusammenhang mit der Transaktion beraten.
Sie werden sich nach besten Kraften bemuhen, diese entsprechenden
[LETTERHEAD BASELINE ILLEGIBLE]
2
Arbeiten innerhalb von zwei Wochen durchfuhren zu lassen, nachdem die
Gesellschaft dem WP Zugang gewahrt hat.
2. Fur den Fall, dass Sie ein freiwilliges offentliches Ubernahmeangebot fur die
Aktien unserer Gesellschaft abgeben werden, und (i) dieses Ubernahmeangebot eine
Bedingung uber eine wesentliche nachteilige Anderung (,,MAC Bedingung") enthalt
und (ii) die Feststellung, ob eine wesentliche nachteilige Anderung eingetreten
ist, auf Ihre Kosten durch einen Wirtschaftsprufer erfolgt, werden wir innerhalb
der gesetzlichen Beschrankungen wahrend der Angebotsfrist dem Wirtschaftsprufer
angemessenen Zugang gewahren und mit ihm zusammenarbeiten. Diese MAC Bedingung
soll nach unserem Verstandnis sinngemass so aussehen, dass eine wesentliche
nachteilige Anderung vorliegt, wenn eine Tatsache nach ▇▇▇▇▇▇▇▇▇ ▇▇ ▇▇▇▇ ▇▇▇ uns
eingetreten und veroffentlicht ist und diese Tatsache folgende Auswirkungen hat:
Entweder
- EUR 40,0 Mio. EBITDA-Veranderung der BERU-Gruppe, wenn vernunftigerweise zu
erwarten ist, dass diese Tatsache einen einmaligen negativen Effekt auf den
EBITDA hat, oder
- EUR 17,5 Mio. EBITDA-Veranderung der BERU-Gruppe, wenn vernunftigerweise zu
erwarten ist, dass diese Tatsache einen nachhaltigen bzw. wiederkehrenden
negativen Effekt auf den EBITDA hat.
Vor dem Beginn seiner Arbeiten muss der Wirtschaftsprufer schriftlich
bestatigen, dass er samtliche bei seiner Tatigkeit erlangten Informationen
▇▇▇▇▇▇ vertraulich behandeln wird und diese Informationen ohne schriftliche
Zustimmung der Gesellschaft keinem Dritten zuganglich ▇▇▇▇▇▇ wird. Der WP ist
jedoch berechtigt, Ihnen das Ergebnis seiner Prufung mitzuteilen. Der WP wird
seine Arbeiten in einer ▇▇▇▇▇ ausfuhren, dass diese so wenig storend als moglich
fur die Gesellschaft und ihren Geschaftsbetrieb sind. Das Vorstehende gilt auch,
wenn der SPA eine MAC Bedingung enthalt und die Feststellung, ob eine
wesentliche nachteilige Anderung eingetreten ist, durch einen Wirtschaftsprufer
erfolgt.
Dieses Schreiben unterliegt deutschem Recht.
Mit freundlichen Grussen
BERU AG
-s- ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ -s- ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇ ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
EXHIBIT 5.1.4(b)
CHART OF STRUCTURE OF THE BERU GROUP AND THE SHAREHOLDINGS
BETEILIGUNGSVERHALTNISSE BERU-KONZERN
(CHART)
BETEILIGUNGSVERHALTNISSE (A)
NR. MUTTER TOCHTER
M --> (1) AG BERU Corp. Japan
M --> (2) AG BERU Eyquem S.A.S.
M --> (5) AG Eyquem S.N.C.
(2) --> (3) BERU Eyquem S.A.S. BERU TDA S.A.S.
(2) --> (4) BERU Eyquem S.A.S. BERU S.A.S.
(2) --> (5) BERU Eyquem S.A.S. Eyquem S.N.C.
M --> (6) AG ZICA Holding
(6) --> (7) ZICA Holding BERU F1 Systems
M --> (8) AG REMIX Group
M --> (9) AG BERU Automotive
BETEILIGUNGSVERHALTNISSE (B)
NR. MUTTER BET.-UNTERNEHMEN
M --> (10) ▇▇ ▇ ▇▇
▇ --▇ (▇▇) ▇▇ ▇▇▇▇ ▇▇▇▇▇
M --> (12) AG BERU Mexiko
M --> (13) AG BERU Elec. GmbH
(13) --> (14) BERU Elec. GmbH Betriebsstatte Trallee
M --> (15) AG BERU Italia
(13) --> (15) BERU Elec. GmbH BERU Italia
M --> (16) AG BERU S.p.r.l.
(13) --> (16) BERU Elec. GmbH BERU S.p.r.l.
M --> (17) AG BERU Diesel Start Systems
BETEILIGUNGSVERHALTNISSE (C)
NR. MUTTER BET.-UNTERNEHMEN
M --> (18) AG BERU Bichenauer
M --> (19) AG IMPCO BERU
M --> (20) AG BERU Corp. US
M --> (21) AG Hakatherm
M --> (22) AG BERU Microelectronica
(22) --> (23) BERU Microelectronica SIMESA Brasil
5.1.4(f)
ENVIRONMENTAL REPORTS
--------------------------------------------------------------------------------
Environmental Assessment Program Portfolio Summary Report
Liste: ERM-reference to Phase I
Environmental Assessment Phase I Report BERU AG
Environmental Assessment Phase I Report ▇▇▇▇-▇▇▇▇▇▇▇▇▇▇ GmbH
Environmental Assessment Phase I Report BERU ▇▇ ▇▇▇▇▇▇▇ Schierschnitz
Environmental Assessment Phase I Report BERU AG Wjesenttal-Muggendorf
Environmental Assessment Phase I Report BERU Electronics GmbH, Bretten
Environmental Assessment Phase I Report BERU Electronics GmbH, Tralee
Environmental Assessment Phase I Report BERU TDA SAS
Environmental Assessment Phase I Report BERU SAS
Environmental Assessment Phase I Report REMIX Group Electronics
Environmental Assessment Phase I Report B80 S.r.l.
Environmental Assessment Phase I Report BERU F1 Systems Ltd.
Environmental Assessment Phase I Report BERU Microlectronica S.A.
Environmental Assessment Phase I Report BERU Korea Co. Ltd.
Environmental Assessment Phase I Report BERU Automotive Co. Ltd.
Environmental Assessment Phase I Report BERU S.A. de C.V.
--------------------------------------------------------------------------------
4.Sachstandsbericht zur Bodenluftabsaugung u. BERU ▇▇ ▇▇▇▇ III
Grundwasseruberwachung-01.12.2003
3.Sachstandsbericht zur Bodenluftabsaugung u. BERU ▇▇ ▇▇▇▇ III
Grundwasseruberwachung-30.06.2003
2.Sachstandsbericht zur Bodenluftabsaugung u. BERU ▇▇ ▇▇▇▇ III
Grundwasseruberwachung-30.11.2002
Sachstandsbericht zur Bodenluftabsaugung u.
Grundwasseruberwachung-17.06.2002
Bericht zu den erganzenden BERU ▇▇ ▇▇▇▇ III
Grundwasseraufschlussbohrungen-28.05.2001
Bericht zur Grundwasseruberwachung-21.11.2000 BERU ▇▇ ▇▇▇▇ III
Bericht zu den erganzenden Bohrungen-06.11.2000 BERU ▇▇ ▇▇▇▇ III
Bericht zu den Bodenluftabsaugversuchen an den BERU ▇▇ ▇▇▇▇ III
Absaugpegeln B 16-B19-10.04.2000
Bericht zu den Bodenluftabsaugversuchen an den BERU ▇▇ ▇▇▇▇ III
Pegeln-27.07.1999
Bericht zu den erganzenden Bohrungen-27.01.1999 BERU ▇▇ ▇▇▇▇ III
Bericht zu den Bodenuntersuchungen im ehem. BERU ▇▇ ▇▇▇▇ III
Galvanikkeller-25.01.1999
Bericht zu den Bodenluftabsaugungen an den Pegeln BERU ▇▇ ▇▇▇▇ III
B1 und B4-20.10.1998
Bericht zu den Bodenluftabsaugungen an de Pegeln BERU ▇▇ ▇▇▇▇ III
B1 und B4-25.04.1997
--------------------------------------------------------------------------------
DD Report for Environmental and Health and F1 Systems
Safety Issues
Phase I Environmental Audit F1 Systems
E&Y: Due DiligenceBericht Projekt JCAE-Juni 2003
--------------------------------------------------------------------------------
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
--------------------------------
POWERS OF ATTORNEY
--------------------------------
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
--------------------------------
POWER OF ATTORNEY
SELLER C
--------------------------------
VOLLMACHT POWER OF ATTORNEY
Die Unterzeichnete The undersigned
CRP BE 00 Beteiligungs GmbH
▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇
▇▇▇▇▇ ▇▇▇▇▇▇▇
bevollmachtigt hiermit die Rechtsanwalte hereby authorizes the attorneys-at-law
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇ ▇▇▇▇▇
▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
▇▇. ▇▇▇▇▇▇ [illegible]
geschaftsansassig/with business address at
Milbank, Tweed, ▇▇▇▇▇▇ & ▇▇▇▇▇▇ L.L.P.
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇
(die ,,Bevollmachtigten"/the "Representatives")
jede von ihnen einzeln und unabhangig each of them individually and independent
voneinander, im Namen und fur ▇▇▇▇- from each other, to do in the name and for
nung der CEP BE 00 Beteiligungs GmbH the account of CEP BE ▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇
(▇▇▇▇▇▇▇▇▇▇▇ ,,▇▇▇ Gesellschaft"), die GmbH (hereinafter the "Company") the
nachstehenden Handlungen vorzunehmen: following acts:
1. Abschluss eines Vertrages uber den 1. The execution of an agreement relat-
Verkauf der von der Gesellschaft ge- ing to the sale and purchase of the
haltenen Aktien an der BERU Akti- shares held by the Company in BERU
engesellschaft mit Sitz in Ludwigs- Aktiengesellschaft with registered
burg und eingetragen im Handelsre- sent in Ludwigsburg and registered
gister des Amtsgerichts Ludwigsburg with the commercial register of the
unter HRB 5087 (nachfolgend ,,die lower court of Ludwigsburg (herein-
BERU-Aktien") mit der Borg War- after "the BERU Shares") under
1/3
ner Germany GmbH oder einem mit HRB 5087 to Borg Warner Germany
dieser verbundenen Unternehmen GmbH or any of its affiliates
(nachfolgend ,,der ▇▇▇▇▇▇"): (hereinafter "the Purchaser");
2. Abschluss eines Vertrages uber die 2. The execution of an agreement
Ubertragung der BERU-Aktien von der relating to the transfer of the
Gesellschaft auf den ▇▇▇▇▇▇. BERU Shares from the Company
to the Purchaser.
Die Bevollmachtigten sind auch befugt, The Representatives are also
alle weiteren Vereinbarungen authorized to enter into any
abzuschliessen und Rechtshandlungen agreement and do any legal act
vorzunehmen, die ihnen im Zusammenhang they may consider necessary in
mit dem Vorstehenden erforderlich connection with the above, in
erscheinen, insbesondere eine particular to execute a closing
Ubertragungsbestatigung an den ▇▇▇▇▇▇ confirmation to the Purchaser.
zu unterzeichnen.
Die Bevollmachtigten werden hiermit Dispensation is hereby granted to
von den Beschrankungen des Paragraph 181 the Representatives from the
BGB befreit. restrictions of Sec. 181 of the
German Civil Code (BGB).
Die Bevollmachtigten haben das Recht, The Representatives shall be
zu den oben aufgefuhrten Zwecken Unter- entitled to subdelegate for the
vollmacht zu erteilen und die Unterbe- aforementioned purposes the rights
vollmachtigten ebenfalls von den Be- granted to them by this Power of
schrankungen des Paragraph 181 BGB zu Attorney and to grant dispensation
befreien. from the restrictions of Sec. 181
German Civil Code (BGB) to the
sub-Representatives as well.
Diese Vollmacht unterliegt dem Recht der This power of attorney shall be
Bundesrepublik Deutschland. Im ▇▇▇▇▇▇▇ governed by German law. In case of
ist die deutsche Fassung massgeblich. doubt, the German version shall
prevail.
2/3
CEP BE 00 Beteiligungs GrubH
Munchen, 28.10.04 Munchen, 28.10.04
------------------------------------ ------------------------------------
(Ort/Place, Datum/Date) (Ort/Place, Datum/Date)
/s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇ /s/ ▇▇▇▇▇▇ ▇▇▇▇
------------------------------------ ------------------------------------
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇
Geschaftsfuhrer/Managing Director Geschaftsfuhrer/Managing Director
3/3
-------------------------------------------------------------------
SALE AND PURCHASE AGREEMENT
-------------------------------------------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
-------------------------------------------------------------------
POWER OF ATTORNEY AND SUB-POWER OF ATTORNEY
SELLER R
-------------------------------------------------------------------
VOLLMACHT POWER OF ATTORNEY
Die Unterzeichnete The undersigned
bevollmachtigt hiermit die Rechtsanwalte hereby authorizes the attorneys-at-law
Rechtsanwalte ▇. ▇▇▇▇▇▇
Gotz Grub, ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇▇▇▇▇ Breitling, ▇▇. ▇▇▇▇
▇▇▇▇▇▇▇▇▇▇ L.L.M., ▇▇. ▇▇▇▇▇▇▇ Rain, ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇.
geschaftsansassig/ with business address at
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
(die ,,Bevollmachtigten"/the "Representatives")
jeden von ihnen einzeln und unabhangig each of them individually and indepen-
voneinander, im Namen und fur ▇▇▇▇- ▇▇▇▇ from each other, to do in the name
nung der Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ and for the account of Mrs. Ingelore
(nachfolgend ,,▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇") ▇▇▇▇▇▇▇▇ (hereinafter "▇▇▇▇▇▇▇▇ ▇▇▇-
die nachstehenden Handlungen recht") the following acts:
vorzunehmen:
1. Abschluss eines Vertrages uber 1. The extention of an agreement re-
den Verkauf der von Frau Inge- lating to the sale and purchase of
▇▇▇▇ ▇▇▇▇▇▇▇▇ gehaltenen the shares held by Mrs. Ingelore
Aktien an der BERU Aktien- ▇▇▇▇▇▇▇▇ in BERU Aktiengesellschaft
gesellschaft mit Sitz in Lud- with registered seat in Ludwigs-
wigsburg und eingetragen im burg and registered with the com-
Handelsregister des Amts- mercial register of the lower court
gerichts Ludwigsburg unter HRB of
5087 (nachfol-
1/3
gend ,,die BERU-Aktien") mit der Ludwigsburg (hereinafter "the
Borg Warner Germany GmbH oder BERU Shares") under HRB 5087 to
einem mit dieser verbundenen Borg Warner Germany GmbH or any
Unternehmen (nachfolgend ,,der of its affiliates (hereinafter "the
▇▇▇▇▇▇"); Purchaser");
2. Abschluss eines Vertrages uber 2. The execution of an agreement
die Ubertragung der BERU-Aktien relating to the transfer of the
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ auf BERU Shares from Mrs. Ingelore
den ▇▇▇▇▇▇. ▇▇▇▇▇▇▇▇ to the Purchaser.
Die Bevollmachtigten sind auch The Representatives are also authorized
befugt,alle weiteren Vereinbarungen to enter into any agreement and do any
abzuschliessen und Rechtshandlugen legal act they may consider necessary in
vorzunehmen, die ihnen im Zusammenhang connection with the above, in particular
mit dem Vorstehenden erforderlich to execute a closing confirmation to the
erscheinen, insbesondere eine Purchaser.
Ubertragungsbestatigung an den ▇▇▇▇▇▇
zu unterzeichnen.
Die Bevollmachtigten werden hiermit Dispensation is hereby granted to the
von den Beschrankungen des Paragraphs Representatives from the restrictions of
181 BGB befreit. Sec. 181 of the German Civil Code (BGB).
Die Bevollmachtigten haben das Recht, The Representatives shall be entitled to
zu den oben aufgefuhrten Zwecken subdelegate for the aforementioned
Untervollmacht zu erteilen und die purposes the rights granted to them by
Unterbevollmachtigten ebenfalls von this Power of Attorney and to grant
den Beschrankungen des Paragraphs 181 dispensation from the restrictions of
BGB zu befreien. Sec. 181 German Civil Code (BGB) in the
sub-Representatives as well.
Diese Vollmacht unterliegt dem Recht This power of attorney shall be
der Bundesrepublik Deutschland. Im governed by German law. In case of
▇▇▇▇▇▇▇ ist die deutsche Fassung doubt, the German version shall prevail.
massgeblich.
2/3
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Ludwigsburg, den 29.10.2004 Ludwigsburg, October 29, 2004
------------------------------ ------------------------------
(Ort/Place, Datum/Date) (Ort/Place, Datum/Date)
Urkundenrolle Nr. 3116/2004
Unterschriftsbeglaubigung
Vorstehende, vor mir vollzogene Unterschift von
Frau Ingelore ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, geb. ▇▇▇▇▇▇;
geborem am 24. Juni 1924,
wohnhaft 71638 Ludwigsburg, ▇▇▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇▇▇▇▇▇▇▇▇▇ ▇▇▇.
Frau ▇▇▇▇▇▇▇▇ ist mir personlich bekannt.
Ludwigsburg, den 29. Oktober, 2004
/s/ Rosi
------------------------
▇▇▇▇
▇▇▇▇▇
[Round Seal]
3/3
UNTERVOLLMACHT SUB-POWER OF ATTORNEY
Der Unterzeichnende The undersigned
Rechtsanwalt und Notar a.D./attorney-at-law and retired notary
Gotz Grub
geschaftansassig/with business address at
▇▇▇▇▇▇▇▇▇▇▇. ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
bevollmachtigt hiermit die hereby authorizes the
Rechtsanwalte attorneys-at-law
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
geschaftsansassig/with business address at
Milbank, Tweed, ▇▇▇▇▇▇ & ▇▇▇▇▇▇ LLP
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇
(die ,,Bevollmachtigten"/the "Representatives")
jeden von ihnen einzeln und unabhangig each of them individually and
voneinander, Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ im independent from each other, to
Umfang der als Anlage zu dieser Unter- represent ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
vollmacht beigefugten Vollmacht der within the scope of the power of
Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ zu vertreten. attorney of ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
as enclosed in the Appendix.
Die Bevollmachtigten werden hiermit Dispensation is hereby granted to
von den Beschrankungen des Paragraph 181 the Representatives from the
BGB befreit. restrictions of Sec. 181 of the
German Civil Code (BGB).
1/3
Die Bevollmachtigten haben das Recht, zu The Representatives shall be
den oben aufgefurten Zwecken Unter- entitled to subdelegate for the
vollmacht zu erteilen und die Unterbe- aforementioned purposes the rights
vollmachtigten ebenfalls von den Be- granted to them by this Power of
schrankungen des Paragraph 181 BGB zu Attorney and to grant dispensation
befreien. from the restrictions of Sec. 181
German Civil Code (BGB) to the
Sub-Representatives as well.
Diese Vollmacht unterliegt dem Recht This power of attorney shall be
Bundersrepublik Deutschland. Im ▇▇▇▇▇▇▇ governed by German law. In case of
ist die deutsche Fassung massgeblich. doubt, the German version shall
prevail.
----------------------------------
Ludwigsburg, 30 October, 2004
/s/ Goz Grub
----------------------------------
Goz Grub
2/3
VOLLMACHT POWER OF ATTORNEY
Die Unterzeichnete The undersigned
bevollmachtigt hiermit die Rechtsanwalte hereby authorizes the attorneys-at-law
Rechtsanwalte ▇. ▇▇▇▇▇▇
Gotz Grub, ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇
▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Dr. ▇▇▇▇
Kitzberer LL.M, ▇▇. ▇▇▇▇▇▇▇ Rain, ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇▇▇▇▇
geschaftsansassig/with business address at
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
(die ,,Bevollmachtigten"/the "Representatives")
jeden von ihnen einzeln und unabhangig each of them individually and independent
voneinander, im Namen und fur ▇▇▇▇- from each other, to do in the name and for
nung der Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ (nach- the account of ▇▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
folgend ,,▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇") die nachste- (hereinafter "▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇") the
▇▇▇▇▇▇ Handlungen vorzunehmen: following acts:
1. Abschluss eines Vertrages uber den 1. The execution of an agreement relat-
Verkauf der von Frau ▇▇▇▇▇▇▇▇ ▇▇▇- ing to the sale and purchase of the
recht gehaltenen Aktien an der BERU shares held by Mrs. Ingelore Ru-
Aktiengesellschaft mit Sitz in Lud- ▇▇▇▇▇▇ in BERU Aktiengesellschaft
wigsburg und eingetragen im Han- with registered seat in Ludwigsburg
delsregister des Amtsgerichts Lud- and registered with the commercial
wigsburg unter HRB 5087 (nachfol- register of the lower court of
1/3
gend ,,dle BERU-Aktien") mit der Ludwigsburg (hereinafter "the
Borg Warner Germany GmbH oder BERU Shares") under HRB 5087 to
einem mit dieser verbundenen Borg Warner Germany GmbH or any
Unternehmen (nachfolgend ,,der of its affiliates (hereinafter
▇▇▇▇▇▇"); "the Purchaser");
2. Abschluss eines Vertrages uber 2. The execution of an agreement
die Ubertragung der BERU-Aktien relating to the transfer of the
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ auf BERU Shares from Mrs. Ingelore
den ▇▇▇▇▇▇. ▇▇▇▇▇▇▇▇ to the Purchasor.
Die Bevollmachtigten sind auch The Representatives are also
befugt, alle weiteren Vereinbarungen authorized to enter into any
abzuschliessen und Rechtshandlungen agreement and do any legal act they
vorzunehmen, die ihnen im may consider necessary in connection
Zussmmenhang mit dem Vorstehenden with the above, in particular to
erforderlich erscheinen, insbesondere execute a closing confirmation to the
eine Ubertragungsbestatigung an den Purchaser.
▇▇▇▇▇▇ zu unterzeichnen.
Die Bevollmachtigten werden hiermit Dispensation is hereby granted to the
von den Beschrankungen des S181 Representatives from the restrictions
Befreit. of Sec. 181 of the German Civil Code
(BGB).
Die Bevollmachtigten haben das Recht, The Representatives shall be entitled
zu den oben aufgefuhrten Zwecken to subdelegate for the aforementioned
Untervollmacht zu erteilen und die purposes the rights granted to them
Unterbevollmachtigten ebenfalls von by this Power of Attorney and to
den Beschrankungen des S181 BGB zu grant dispensation from the
befreien. restrictions of Sec. 181 German Civil
Code (BGB) to the sub-Representatives
as well.
Diese Vollmacht unterliegt dem Recht This power of attorney shall be
der Bundesrepublik Deutschland. Im governed by German law. In case of
▇▇▇▇▇▇▇ ist die deutsche Fassung doubt, the German version shall
massgeblich. prevail.
2/3
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ /s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
▇▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
Ludwigsburg, den 29.10.2004 Ludwigsburg, October 29, 2004
------------------------------ ------------------------------
(Ort/Place, Datum/Date) (Ort/Place, Datum/Date)
Urkundenrolle Nr. 3116/2004
Unterschriftsbeglaubigung
Vorstehende, vor mir vollzogene Unterschrift von
Frau Ingelore ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇, geb. ▇▇▇▇▇▇;
geboren am 24. Juni 1924,
wohnhaft 71638 Ludwigsburg, ▇▇▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇▇▇▇▇▇▇▇▇▇ ▇▇▇.
Frau ▇▇▇▇▇▇▇▇ ist mir personlich bekannt.
Ludwigsburg, den 29. Oktober, 2004
/s/ Rosi
------------------------
▇▇▇▇
▇▇▇▇▇
[Round Seal]
3/3
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
--------------------------------
POWER OF ATTORNEY
SELLER 3
--------------------------------
VOLLMACHT POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige in eigenem Namen und herewith authorize on my own behalf
als Geschaftsfuhrer der Verwaltung- and in my capacity as a managing
sellschaft Klosterfeld Beteilgungen director of Verwaltungsellschaft
mbH, die ihrerseits Komplementarin Klosterfeld Beteiligungen mbH, which
der Klosterfeld Beteiligungen GmbH is the general partner of Klosterfeld
& Co. KG ist, hiermit Beteiligungen GmbH & Co. KG.
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaffsansassig in ▇▇▇▇▇▇▇▇▇▇. ▇▇, ▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur mich selbst und fur die ▇▇▇▇▇▇▇- to represent me and to take any and
▇▇▇▇ Beteiligungen GmbH + Co. KG, all action in my name and on my behalf
Buxtehude, alle Erklarungen abzugeben of Klosterfeld Beteiligungen GmbH + Co.
und alle Handlungen vorzunehmen, die KS, Buxtehude, in all matters and
nach Auffassung des Bevollmachtigten affairs which in the judgment of the
notwendig oder erforderlich sind zum attorney-in-fact is necessary or re-
Abschluss eines Kaufvertrages uber quired in connection with the exe-
Akatien an der BERU Aktiengesell- cution of a sale and purchase agree-
schaft (HRB 5087 AG Ludwigsburg) ment regarding shares in BERU Aktien-
mit der BorgWarner Germany GmbH oder gesellschaft (HRB 5087 AG Ludwigsburg)
einem mit ihr verbundenen Unterneh- to BorgWarner Germany GmbH or any of
men. its affiliates.
Der Bevollmachtigte ist von den Bes- The attorney-in-fact is released from
chrankungen des S 181 BGB befreit und the restrictions on self-dealing under
berechtigt. Untervollmachten zu Section 181 of the German Civil Code
erteilen. Diese Vollmacht ist jeder- and may delegate this Power of Attor-
zeit widerruflich. Sie unterliegt ney. This Power of Attorney can be
deutschem Recht. Die deutsche terminated at any time. It is governed
Fassung ist Massgeblich. by German law. The German version
shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-s- ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
==================
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
--------------------------------
POWER OF ATTORNEY AND DELEGATED POWER OF ATTORNEY
SELLER 4
--------------------------------
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
Ausfertigung Beglaubigte Abschrift
Nr. 1503/2001 der Urkundenrolle KN
Verhandelt
In Hamburg-Harburg am 13. August 2001
Vor mir, dem Notar
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇
mit dem Amtssitz in Hamburg-Harburg, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ ▇, ▇▇▇▇▇▇▇▇ heute:
Frau ▇▇▇▇ ▇▇▇▇▇▇ geborene ▇▇▇▇▇▇▇▇,
geboren am 14. Januar 1913,
wohnhoft in 21614 Buxehude, Hohe Berge ▇▇,
-▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇-.
Die Erschienene ersuchte mich um die Beurkundung folgender
GENERAL- UND VORSORGEVOLLMACHT
und erklarte:
1. Hiermit bevollmachtige ich ▇▇▇▇▇▇ ▇▇▇▇,
Herrn ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇.
geboren am 13. Juni 1944,
wohnhaft Klosterfeldstrabe 14, 21614 Buxtehude,
mich in ▇▇▇▇▇ ▇▇▇▇▇▇ Angelegenheiten gerichtlich und aussergerichtlich zu
vertreten. Die Vertretungsmacht des Bevollmachtigten soll sich ohne je-
de Ausnahme auf alle Rechtsgeschafte und Rechtshandlungen erstrek-
M.M. Warkurg & CO Kommanditgesellchaft auf Aktien
▇.▇. ▇▇▇▇▇▇▇ ▇▇▇▇ . ▇▇▇▇▇ ▇▇▇▇▇▇▇▇ . Godsfetgrope/Office; ▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇ .
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇ . Telefon 0 40 - 32.82 - , U - Telefon 0 40 - 36.18
unitelligible . BIC (SWIFT); UNITELLIGIBLE . unitelligible 201. 201 00 .
Unitelligible Hamburg HRB Nr. 84168
▇▇▇, die von mir und mir gegenuber vorgenommen werden konnen, soweit eine
Vertretung gesetzlich zulassig ist.
betr: 2. pp.
3. Diese Vollmacht erlischt nicht durch ▇▇▇▇▇▇ ▇▇▇ oder meine
Geschaftsunfahigkeit.
4. Der Bevollmachtigte ist auch befugt, Rechtsgeschafte mit sich im eigenen
Namen oder als Vertreter eines Dritten vorzunehmen. Ich bin von dem Notar
uber die Risiken einer damit moglicherweise verbundenen Interessenkollision
eingehend belehrt ▇▇▇▇▇▇.
5. Der Bevollmachtigte kann Untervollmacht erteilen und dabei diese Vollmacht
ganz oder teilweise auf Dritte ubertragen.
6. Der Notar wird angewiesen, dem Bevollmachtigten jederzeit Ausfertigungen
dieser Vollmacht zu erteilen, bis ich diese Anweisung dem Notar gegenuber
schriftlich widerrufen habe.
7. Die Vollmacht wird mit Abschluss dieser Urkunde wirksam. Sie gilt zeitlich
unbeschrankt, ich behalte mir jedoch jederzeit den Widerruf vor.
Die Vertretungsmacht des Bevollmachtigten soll in weitestmoglichem Umfang
Bestand haben, und zwar ohne Rucksicht auf mogliche Veranderungen der
bestenhenden Rechtsgrundlagen und der tatsachlichen Verhaltnisse. Sollte eine
der vorbezeichneten Bestimmungen unwirksam sein oder werden, so bleiben die
ubrigen Bestimmungen wirksam.
Ich bin von dem Notar auf den weitgenhenden Umfang vorstehender Vollmacht und
den damit verbundenen Vertrauenscharakter hingewiesen ▇▇▇▇▇▇.
Der Notar hat sich aufgrund des personlichen Eindrucks und der mit der
Erschienenen gefuhrten Unternaltung von lhrer vollen Geschaftsfahigkeit
uberzeugt.
Die vorstehende Niederschrift wurde der Erschienenen von dem Notar vorgelesen,
von ihr genehmigt und wie folgt unterschrieben:
/s/ ▇▇▇▇ ▇▇▇▇▇▇
--------------------------
[seal]
UNTERVOLLMACHT DELEGATED POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige aufgrund der mir herewith authorize on the basis of the
von Frau ▇▇▇▇ ▇▇▇▇▇▇ erteilten general power of attorney issued by
Generalvollmacht vom 13. August ▇▇. ▇▇▇▇ ▇▇▇▇▇▇ dated 13 August 2001
2001 (UR-Nr. 1503/2001 des Notars (notarial deed no. 1503/2001 of the
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Hamburg) Hamburg notary ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇),
sowie der mir von Frau ▇▇▇▇▇▇▇▇ as well as the powers of attorney issued
▇▇▇▇▇▇ am 25. Oktober 2004 by ▇▇. ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 25 October 2004
(UR-Nr. 1901/2004 des Notars Ulf (notarial deed no. 1901/2004 of the
▇▇▇▇▇▇▇▇, Hamburg), von Herrn Hamburg notary ▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇), by
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 24. Oktober ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 24 October 2004,
2004, von Frau ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 22 October
am 22. Oktober 2004 sowie von der 2004 and by ▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG on
▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG am 25. 25 October 2004 (the above mentioned
Oktober 2004 erteilten Vollmachten principals will hereinafter be jointly
(die vorstehend genannten referred to as "Principals")
Vollmachtgeber werden nachfolgend
insgesamt ,,Vollmachtgeber''
genannt)
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaftsansassig in ▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur die Vollmachtgeber to represent the Principals on the basis
in Untervollmacht alle of this delegated power of attorney and
Erklarungen abzugeben und alle to take any and all action in their
Handlungen vorzunehmen, die nach respective names and on my behalf in all
Auffassung des Bevollmachtigten matters and affairs which in the
notwendig oder erforderlich judgment of the attorney-in-fact is
sind zum Abschluss eines necessary or required in connection with
Kaufvertrages uber Aktien the execution of a sale and purchase
an der BERU Aktiengesellschaft agreement regarding shares in BERU
(HRB 5087 AG Ludwigsburg) mit Aktiengesellschaft (HRB 5087 AG
der BorgWarner Germany GmbH Ludwigsburg) to BorgWarner Germany GmbH
oder einem mit ihr verbundenen or any of its affiliates.
Unternehmen.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraphs 181 restrictions on self-dealing under
BGB befreit und berechtigt, Section 181 of the German Civil Code and
Untervollmachten zu erteilen. may delegate this Power of Attorney. This
Diese Vollmacht ist jederzeit
widerruflich. Sie
unterliegt deutschem Recht. Die Power of Attorney can be terminated
deutsche Fassung ist massgeblich. at any time. It is governed by German
law. The German version shall
prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
---------------------------
----------------------------------------------
SALE AND PURCHASE AGREEMENT
----------------------------------------------
regarding the
Sale and Purchase of
SHARES IN BERU AKTIENGESELLSCHAFT
----------------------------------------------
POWER OF ATTORNEY AND DELEGATED POWER OF ATTORNEY
SELLER 5
----------------------------------------------
Nr. 1901 /2004 der Urkundenrolle UN
-----------------------------------
VOLLMACHT POWER OF ATTORNEY
--------- -----------------
Ich, I,
▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
geb. am 7.11.1938
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
bevollmachtige hiermit herewith authorize
HERRN ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ BUXTEHUDE
fur mich alle Erklarungen abzugeben und alle to represent me and to take any and all
Handlungen vorzunehmen, die nach action in my name and on my behalf in
Auffassung des Bevollmachtigten notwendig all matters and affairs which in the
oder erforderlich sind zum Abschluss eines judgment of the attorney-in-fact is
Kaufvartrages uber Aktien an der BERU necessary or required in connection with
Aktiengesellschaft (HRB 5087 AG the transfer of shares in BERU
Ludwigsburg) mit der BorgWarner Germany Aktiengesellschaft (HRB 5087 AG
GmbH oder einem mit ihr verbundenen Ludwigsburg) to BorgWarner Germany
Unternehmen. GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraph 181 BGB befreit restrictions on self-dealing under Section
und berechtigt, Untervollmacht zu erteilen. 181 of the German Civil Code and may
Diese Vollmacht ist jederzeit widerruflich. delegate this Power of Attorney. This
Sie unterliegt deutschem Recht. Die deutsche Power of Attorney can be terminated at
Fassung ist massgeblich. any time. It is governed by German law.
The German version shall prevail.
Ort/Place: Hamburg
----------
Datum/Date 25.10.2004
-------------
durch/by:
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-----------------------
-----------------------
Beglaubigungsvermerk/Notarial Certificate
Ich, der unterzeichnende Notar I, the undersigned notary
▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇
mit Amtssitz in officiating in
21073 ▇▇▇▇▇▇▇, ▇▇▇▇▇▇ ▇▇▇. ▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇,
bestatige und bescheinige hiermit, dass herewith confirm and certify that
Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, geb. am 7.11.1938
wohnhaft in 21614 Buxtehude, Klosterfeldstr. 14
- von Person bekannt -
heute vor mir erschienen ist, sich today appeared before me, identified
ausgewiesen und vor mir die vorstehende herself to my satisfaction and in my
Vollmacht unterzeichnet hat. presence signed the above Power of
Attorney.
[NOTARY /s/"▇▇▇ ▇▇▇▇▇▇▇▇"
PUBLIC Notar/Notary Public
STAMP]
UNTERVOLLMACHT DELEGATED POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige aufgrund der mir von Frau herewith autorize on the basis of the
▇▇▇▇ ▇▇▇▇▇▇ erteilten Generalvollmacht vom 13. general power of attorney issued by Ms.
August 2001 (UR-Nr. 1503/2001 des Notars ▇▇▇▇ ▇▇▇▇▇▇ dated 13 August 2001 (notarial
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Hamburg) sowie der mir deed no. 1503/2001 of the Hamburg
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 25. Oktober notary ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇), as well as
2004 (UR-Nr. 1901/2004 des Notars Ulf the powers of attorney issued by ▇▇.
▇▇▇▇▇▇▇▇, Hamburg), von Herrn Christoph ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 25 October ▇▇▇▇
▇▇▇▇▇▇ am 24. Oktober 2004, von Frau (notarial deed no. 1901/2004 of the
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 22. Oktober 2004 sowie Hamburg notary ▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇), by
▇▇▇ ▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇ ▇▇ ▇▇. ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 24 October 2004,
Oktober 2004 erteilten Vollmachten (die by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 22 October
vorstehend genannten Vollmachtgeber 2004 and by ▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG
werden nachfolgend insgesamt on 25 October 2004 (the above mentioned
,,Vollmachtgeber'' genannt) principals will hereinafter be jointly referred
to as "Principals")
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaftsansassig in ▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur die Vollmachtgeber in Untervollmacht alle to represent the Principals on the basis of
Erklarungen abzugeben und alle Handlungen this delegated power of attorney and to
vorzunehmen, die nach Auffassung des take any and all action in their respective
Bevollmachtigten notwendig oder erforderlich names and on my behalf in all matters
sind zum Abschluss eines Kaufvertrages oder and affairs which in the judgment of the
Aktien an der BERU Aktiengesellschaft (HRB attorney-in-fact is necessary or required in
5087 AG Ludwigsburg) mit der BorgWarner connection with the execution of a sale
Germany GmbH oder einem mit ihr and purchase agreement regarding
verbundenen Unternehmen. shares in BERU Aktiengesellschaft (HRB
5087 AG Ludwigsburg) to BorgWarner
Germany GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraphen 181 BGB befreit und restrictions on self-dealing under Section
berechtigt, Untervollmachten zu erteilen. Diese 181 of the German Civil Code and may
Vollmacht ist jederzeit widerruflich. Sie delegate this Power of Attorney. This
2
unterliegt deutschem Recht. Die deutsche Power of Attorney can be
Fassung ist massgeblich. terminated at any time. It is
governed by German law. The
German version shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
----------------------------------
----------------------------------
-------------------------------------------
SALE AND PURCHASE AGREEMENT
-------------------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
-------------------------------------------
POWER OF ATTORNEY AND DELEGATED POWER OF ATTORNEY
SELLER 6
-------------------------------------------
1
VOLLMACHT POWER OF ATTORNEY
--------- -----------------
Ich, I,
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
geb. am 18.01.1972
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
bevollmachtige hiermit herewith authorize
Herrn ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ Buxtehude
fur mich alle Erklarungen abzugeben und alle to represent me and to take any and all
Handlungen vorzunehmen, die nach action in my name and on my behalf in
Auffassung des Bevollmachtigten notwendig all matters and affairs which in the
oder erforderlich sind zum Abschluss eines judgment of the attorney-in-fact is
Kaufvertrages uber Aktien an der BERU necessary or required in connection with
Aktiengesellschaft (HRB 5087 AG the transfer of shares in BERU
Ludwigsburg) mit der BorgWarner Germany Aktiengesellschaft (HRB 5087 AG
GmbH oder einem mit ihr verbundenen Ludwigsburg) to BorgWarner Germany
Unternehmen. GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraph 181 BGB befreit restrictions on self-dealing under Section
und berechtigt, Untervollmacht zu erteilen. 181 of the German Civil Code and may
Diese Vollmacht ist jederzeit widerruflich. delegate this Power of Attorney. This
Sie unterliegt deutschem Recht. Die deutsche Power of Attorney can be terminated at
Fassung ist massgeblich. any time. It is governed by German law.
The German version shall prevail.
Ort/Place: Buxtehude
----------
Datum/Date 24.10.2004
----------
durch/by:
/s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
---------------------
---------------------
UNTERVOLLMACHT DELEGATED POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Klosterfeldstrade 14
D-21614 Buxtehude
bevollmachtige aufgrund der mir von Frau herewith autorize on the basis of the
▇▇▇▇ ▇▇▇▇▇▇ erteilten Generalvollmacht vom 13. general power of attorney issued by Ms.
August 2001 (UR-Nr. 1503/2001 des Notars ▇▇▇▇ ▇▇▇▇▇▇ dated 13 August 2001 (notarial
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Hamburg) sowie der mir deed no. 1503/2001 of the Hamburg
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 25. Oktober notary ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇), as well as
2004 (UR-Nr. 1901/2004 des Notars Ulf the powers of attorney issued by ▇▇.
▇▇▇▇▇▇▇▇, Hamburg), von Herrn Christoph ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 25 October ▇▇▇▇
▇▇▇▇▇▇ am 24. Oktober 2004, von Frau (notarial deed no. 1901/2004 of the
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 22. Oktober 2004 sowie Hamburg notary ▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇), by
▇▇▇ ▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇ ▇▇ ▇▇. ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 24 October 2004,
Oktober 2004 erteilten Vollmachten (die by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 22 October
vorstehend genannten Vollmachtgeber 2004 and by ▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG
werden nachfolgend insgesamt on 25 October 2004 (the above mentioned
,,Vollmachtgeber'' genannt) principals will hereinafter be jointly referred
to as "Principals")
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaftsansassig in ▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur die Vollmachtgeber in Untervollmacht alle to represent the Principals on the basis of
Erklarungen abzugeben und alle Handlungen this delegated power of attorney and to
verzunehmen, die nach Auffassung des take any and all action in their respective
Bevollmachtigten notwendig oder erforderlich names and on my behalf in all matters
sind zum Abschluss eines Kaufvertrages uber and affairs which in the judgment of the
Aktien an der BERU Aktiengesellschaft (HRB attorney-in-fact is necessary or required in
5087 AG Ludwigsburg) mit der BorgWarner connection with the execution of a sale
Germany GmbH oder einem mit ihr and purchase agreement regarding
verbundenen Unternehmen. shares in BERU Aktiengesellschaft (HRB
5087 AG Ludwigsburg) to BorgWarner
Germany GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraph 181 BGB befreit und restrictions on self-dealing under Section
berechtigt, Untervollmachten zu erteilen. Diese 181 of the German Civil Code and may
Vollmacht ist jederzeit widerruflich. Sie delegate this Power of Attorney. This
2
unterliegt deutschem Recht die deutsche Power of Attorney can be terminated at
Fassung ist massgeblich. any time. It is governed by German law.
The German version shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-----------------------------------
-----------------------------------
-----------------------------------
SALE AND PURCHASE AGREEMENT
-----------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
-----------------------------------
POWER OF ATTORNEY AND DELEGATED POWER OF ATTORNEY
SELLER 7
--------------------------------------
VOLLMACHT
Ich, POWER OF ATTORNEY
I,
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
geb. [ILLEGIBLE] 1974
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ Buxtehude
bevollmachtige hiermit/herewith authorize
Herrn ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ Buxtehude
fur mich alle Erklarungen abzugeben und alle Handlungen vorzunehmen, die nach
Auffassung des Bevollmachtigten notwendig oder erforderlich sind zum Abschluss
eines Kaufvertrages uber Aktien an der BERU Aktiengesellschaft (HRB 5087 AG
Ludwigsburg) mit der BorgWarner Germany GmbH oder einem mit ihr verbundenen
Unternehmen to represent me and to take any and all action in my name and on my
behalf in all matters and affairs which in the judgment of the attorney-in-fact
is necessary or required in connection with the transfer of shares in BERU
Aktiengesellschaft (HRB 5087 AG Ludwigsburg) to BorgWarner Germany GmbH or any
of its affiliates. Der Bevollmachtigte ist von den Beschrankungen des Paragraph
181 BGB befreit und berechtigt, Untervollmacht zu erteilen. Diese Vollmacht ist
jederzeit widerruflich. eSie unterliegt deutschem Recht. Die deutsche type]"
Fassung ist massgeblich. The attorney-in-fact is released from the restrictions
on self-dealing under Section 181 of the German Civil Code and may delegate this
Power of Attorney. This Power of Attorney can be terminated at any time. It is
governed by German law. The German version shall prevail.
Ort/Place: Rom
Datum/Date 22.10.04
durch/by:
/s/ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
---------------------
---------------------
UNTERVOLLMACHT DELEGATED POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige aufgrund der mir von Frau herewith authorize on the basis of the
▇▇▇▇ ▇▇▇▇▇▇ erteilten Generalvollmacht vom 13. general power of attorney issued by Ms.
August 2001 (UR-Nr. 1503/2001 des Notars ▇▇▇▇ ▇▇▇▇▇▇ dated 13 August 2001 (notarial
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Hamburg) sowie der mir deed no. 1503/2001 of the Hamburg
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 25. Oktober notary ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇), as well as
2004 (UR-Nr. 1901/2004 des Notars Ulf the powers of attorney issued by ▇▇.
▇▇▇▇▇▇▇▇, Hamburg), von Herrn Christoph ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 25 October ▇▇▇▇
▇▇▇▇▇▇ am 24. Oktober 2004, von Frau (notarial deed no. 1901/2004 of the
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 22. Oktober 2004 sowie Hamburg notary ▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇), by
▇▇▇ ▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇ ▇▇ ▇▇. ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 24 October 2004,
Oktober 2004 erteilten Vollmachten (die by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 22 October
vorstehend genannten Vollmachtgeber 2004 and by ▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG
werden nachfolgend insgesamt on 25 October 2004 (the above mentioned
,,Vollmachtgeber'' genannt) principals will hereinafter be jointly referred
to as "Principals")
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaftsansassig in ▇▇▇▇▇▇▇▇▇▇. ▇▇,
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur die Vollmachtgeber in Untervollmacht alle to represent the Principals on the basis of
Erklarungen abzugeben und alle Handlungen this delegated power of attorney and to
vorzunehmen, die nach Auffassung des take any and all action in their respective
Bevollmachtigten notwendig oder erforderlich names and on my behalf in all matters
sind zum Abschluss eines Kaufvertrages uber and affairs which in the judgment of the
Aktien an der BERU Aktiengesellschaft (HRB attorney-in-fact is necessary or required in
5087 AG Ludwigsburg) mit der BorgWarner connection with the execution of a sale
Germany GmbH oder einem mit ihr and purchase agreement regarding
verbundenen Unternehmen. shares in BERU Aktiengesellschaft (HRB 5087 AG
Ludwigsburg) to BorgWarner Germany GmbH or any
of its affiliates. The attorney-in-fact is
Der Bevollmachtigte ist von den released from the restrictions on self-dealing
Beschrankungen des Paragraphs 181 BGB befreit und under Section 181 of the German Civil Code and may
berechtigt, Untervollmachten zu erteilen. Diese delegate this Power of Attorney. This
Vollmacht ist jederzeit widerruflich. Sie
2
unterliegt deutschem Recht. Die deutsche Power of Attorney can be terminated at
Fassung ist massgeblich. any time. It is governed by German law.
The German version shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
------------------------------
------------------------------
----------------------------
SALE AND PURCHASE AGREEMENT
----------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
----------------------------
POWER OF ATTORNEY
SELLER 8
----------------------------
VOLLMACHT POWER OF ATTORNEY
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige in eigenem Namen und herewith authorize on my own behalf
als Geschaftsfuhrer der and in my capacity as a managing
Verwaltungsgesellschaft Klosterfeld director of Verwaltungsgesellschaft
Beteiligungen mbH, die ihrerseits Klosterfeld Beteiligungen mbH, which is
Komplementarin der Klosterfeld the general partner of Klosterfeld
Beteiligungen GmbH & Co. KG ist, Beteiligungen GmbH & Co. KG,
hiermit.
Herrn ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
geschaftsansassig in ▇▇▇▇▇▇▇▇▇▇▇. ▇▇, ▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur mich selbst und fur die to represent me and to take any and
Klosterfeld Beteiligungen GmbH & Co. all action in my name and on my behalf
KG, Buxtehude, alle Erklarungen of Klosterfeld Beteiligungen GmbH &
abzugeben und alle Handlungen Co. KG, Buxtehude, in all matters and
vorzunehmen, die nach Auffassung des affairs which in the judgment of the
Bevollmachtigten notwendig oder attorney-in-fact is necessary or
erforderlich sind zum Abschluss eines required in connection with the
Kaufvertrages ▇▇▇▇ Aktien an der BERU execution of a sale and purchase
Aktiengesellschaft (HRB 5087 AG agreement regarding shares in BERU
Ludwigsburg) mit der BorgWarner Aktiengesellschaft (HRB 5087 AG
Germany GmbH oder einem mit ihr Ludwigsburg) to BorgWarner Germany
verbundenen Unternehmen. GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from
Baschrankungen des Paragraph 181 BGB the restrictions on self-dealing under
befreit und berechtigt, Section 181 of the German Civil Code
Untervollmachten zu erteilen. Diese and may delegate this Power of
Vollmacht ist jederzeit widerruflich. Attorney. This Power of Attorney can
Sie unterliegt deutschem Recht. Die be terminated at any time. It is
deutsche Fassung ist massgeblich. governed by German law. The German
version shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
-----------------------------
-----------------------------
--------------------------------
SALE AND PURCHASE AGREEMENT
--------------------------------
regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
--------------------------------
POWER OF ATTORNEY AND DELEGATED POWER OF ATTORNEY
SELLER 9
--------------------------------
VOLLMACHT POWER OF ATTORNEY
--------- -----------------
Wir, We,
▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG
eine Gesellschaft nach a corporation organized under the
deutschem Recht mit Sitz in laws of Germany having its registered
offices in
Mittlerer ▇▇▇▇ ▇▇
▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇
bevollmachtigen hiermit herewith authorize
vertreten durch die Komplimentar- represented by its general partner
gesellschaft die ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ Verwaltungsgesellschaft
Verwaltungs-GmbH, diese wiederrum mbH, a limited liability company,
vertreten durch ihren Geschaftsfuhrer which itself is represented by its
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇ managing director ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Herrn ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
▇▇▇▇▇ Buxtehude
fur uns alle Erkarungen abzugeben to represent us and to take any and
und alle Handlungen vorzunehmen, die all action in our name and on our
nach Auffassung des Bevollmachtigten behalf in all matters and affairs
notwendig oder erforderlich sind zum which in the judgment of the
Abschluss eines Kaufvertrages oder attorney-in-fact, is necessary or
Aktien an der BERU Aktiengesellschaft required in connection with the
(HRB 5087 AG Ludwigsburg) mit der transfer of shares in BERU
BorgWarner Germany GmbH. Aktiengesellschaft (HRB 5087 AG
Ludwigsburg) to BorgWarner Germany
GmbH.
Der Bevollmachtigte ist von den The attorney-in-fact is released from
Beschrankungen des Paragraphs 181 BGB the restrictions on self-dealing
befreit und berechtigt, Untervollmacht under Section 181 of the German Civil
zu erteilen. Diese Vollmacht ist Code and may delegate the Power of
jederzeit widerruflich. Sie unterliegt Attorney. The Power of Attorney, can
deutschem Recht. Die deutsche Fassung be terminated at any time. It is
ist massgeblich. governed by German law. The
German version shall prevail.
2
[ILLEGIBLE TYPE]
Datum/Date 25. Oktober 2006
durch/by
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
--------------------------------
▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
UNTERVOLLMACHT Delegated Power of Attorney
-------------- ---------------------------
Ich, I,
▇▇▇▇▇▇▇ ▇▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇
D-21614 Buxtehude
bevollmachtige aufgrund der mir von Frau herewith authorize on the basis of the
▇▇▇▇ ▇▇▇▇▇▇ erstellten Generalvollmacht von general power of attorney issued by Ms.
13. August 2001 (UR-Nr. 1503/2001 des Notars ▇▇▇▇ ▇▇▇▇▇▇ dated 13 August 2001 (notarial
▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇, Hamburg) sowie der mir deed no. 1503/2001 of the Hamburg
von Frau ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 25. Oktober notary ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇), as well as
2004 (UR-Nr, 1901/2004 des Notars Ulf the powers of attorney issued by Ms.
Nasemann, Hamburg), von Herrn Christoph ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 25 October ▇▇▇▇
▇▇▇▇▇▇ am 24. Oktober 2004, von Frau (notarial deed no. 1901/2004 of the
▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ am 22. Oktober 2004 sowie Hamburg notary ▇▇. ▇▇▇ ▇▇▇▇▇▇▇▇), by
▇▇▇ ▇▇▇ ▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇▇ & ▇▇. ▇▇ ▇▇ ▇▇. ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 24 October 2004,
Oktober 2004 erteilten Vollmachten (des by ▇▇. ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ on 22 October
vorstehend genannten) Vollmachtgeber 2004 and by ▇▇▇▇▇-▇▇▇▇▇▇ GmbH & Co. KG
werden nachfolgend insgesamt on 25 October 2004 (the above mentioned
,,Vollmachtgeber" genannt) principals will hereinafter be jointly referred
to as .Principals")
HERRN ▇▇. ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇
GESCHAFTSANSASSIG IN ▇▇▇▇▇▇▇▇▇▇, ▇▇,
▇-▇▇▇▇▇ ▇▇▇▇▇▇▇
fur die Vollmachtgeber in Untervollmacht alle to represent the Principals on the basis of
Erklarungen abzugeben und alle Handlungen this delegated power of attorney and to
vorzunehmen, die nach Auffassung des take any and all action in their respective
Bevollmachtigten notwendig oder erforderlich names and on my behalf in all matters
sind zum Abschluss eines Kaufvertrages uber and affairs which in the judgment of the
Aktien and der BERU Aktiangesellschaft, (HRB attorney-in-fact is necessary or required in
5087 AG Ludwigsburg) mit der BorgWarner connection with the execution of a sale
Germany GmbH oder einem mit ihr and purchase agreement regarding
verbundenen Untemehmen. shares in BERU Aktiengesellschaft (HRB
5087 AG Ludwigsburg) to BorgWarner
Germany GmbH or any of its affiliates.
Der Bevollmachtigte ist von den The attorney-in-fact is released from the
Beschrankungen des Paragraphs 181 BGB befreit restrictions on self-dealing under Section
und berechtigt, Untervollmachten zu erteilen, 181 of the German Civil Code and may
Diese Vollmacht ist jederzeit widerruflich. Sie delegate this Power of Attorney. This
2
unterliegt deutschem Recht. Die deutsche Power of Attorney can be terminated
Fassung ist massgeblich. at any time. It is governed by
German law. The German version
shall prevail.
▇▇▇▇▇▇▇, ▇▇. Oktober 2004
durch/by: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
/s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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SALE AND PURCHASE AGREEMENT
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regarding the
Sale and Purchase of
Shares in BERU Aktiengesellschaft
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POWER OF ATTORNEY
BUYER
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POWER OF ATTORNEY
We, the undersigned BorgWarner Germany GmbH, Heidelberg, registered with the
commercial register of the local Heidelberg under HRB 5929, hereby authorize
1. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇,
2. ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇▇▇▇▇▇,
each having his business address: ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇,
▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇;
3. ▇▇. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇,
4. ▇▇. ▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇,
each having his business address at Bockenheimer ▇▇▇▇▇▇▇▇▇▇▇ ▇▇,
D-60325 Frankfurt/Main;
each acting alone, to represent us in connection with the signing, execution or
closing of one or more agreements by which we acquire (or partly receive a call
option for the purchase of) up to 65% of the shares in BERU Aktiengesellschaft,
Ludwigsburg, Germany. Each of our proxies is authorized to sign all agreements
or documents which he deems necessary or appropriate in connection with the
transaction described above.
Each of our proxies is authorized to grant sub-power of attorney.
This power of attorney shall expire on April 30, 2005.
Heidelberg, October 21, 2004
Borg Warner Germany GmbH
by:
/s/ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
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▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Managing Director (Geschaftsfuhrer)
authorized to represent alone (alleinvertretungsberechtigt)