ALTANA: Management Board and Supervisory Board recommend acceptance of SKion's new, improved offer

11-20-2009: The Management Board and Supervisory Board of ALTANA AG recommend that the company's shareholders accept the offer of SKion GmbH and sell their shares at a price of €14.00 per share to SKion GmbH. Both bodies of the company have scrutinized the offer and - taking into account the overall circumstances, including historical stock exchange prices, published analyst estimates and a company valuation carried out by an audit firm - consider the offered purchase price as appropriate. The offer is deemed to be attractive in particular because of the voluntary improvement announced by the offeror, due to which those ALTANA shareholders who accept the offer are granted a cash compensation in case of a squeeze-out upon satisfaction of the requirements described in the offer document. The Management and Supervisory Boards welcome the trust that SKion has expressed with regards to the business model of ALTANA, as well as the fact that SKion does not intend any change to ALTANA's business activities and strategic goals. Both Boards point out, however, that each individual ALTANA shareholder must examine the offer document on their own and make their own decision about the value and the stock exchange price of ALTANA, based on their evaluation of the overall situation, their individual circumstances, and their individual assessment.

On November 9, 2009, SKion made a new, improved offer to the shareholders of ALTANA AG. According to this offer, SKion offers the shareholders to acquire their shares for a purchase price of €14.00 per share within an acceptance period which is scheduled to end on December 14, 2009. SKion GmbH currently holds approximately 91.7% of the shares in ALTANA AG. Mrs Susanne Klatten is the sole shareholder of SKion GmbH. She is also Deputy Chairwoman of the Supervisory Board of ALTANA AG.

SKion GmbH had already made a voluntary public offer to the free-float shareholders of ALTANA AG to acquire their shares at a purchase price of €13.00 per share in November 2008. On the basis of this offer and by means of further acquisitions SKion GmbH has increased its shareholding in ALTANA AG to its present amount.

ALTANA's shareholders will now have to decide whether to accept the new, improved offer by the deadline of December 14.