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Tuesday 02 October, 2007

NorbertDentressangle

Acquisition

Norbert Dentressangle Group
02 October 2007



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION


                                                                  2 October 2007

                          RECOMMENDED CASH ACQUISITION
                                       of
                             CHRISTIAN SALVESEN PLC
                                       by
                       GROUPE NORBERT DENTRESSANGLE S.A.

Summary

•      The Boards of Christian Salvesen and GND are pleased to announce today that
       they have reached agreement on the terms of a recommended acquisition by GND
       of the entire issued and to be issued ordinary share capital of Christian
       Salvesen at a price of 92.0 pence in cash for each Christian Salvesen Share,
       valuing Christian Salvesen's fully diluted share capital at approximately
       £254.4 million.

•      The terms of the Transaction represent:

           -   a premium of approximately 79 per cent. to the Closing Price of 51.5
               pence for each Christian Salvesen Share on 24September 2007, being
               the last business day prior to the announcement by Christian
               Salvesen that it had received approaches from potential offerors;
               and

           -   a premium of approximately 58 per cent. to the average Closing Price
               of 58.2 pence for each Christian Salvesen Share for the three-month
               period prior to 24September 2007, being the last business day prior
               to the announcement by Christian Salvesen that it had received
               approaches from potential offerors.

•      GND intends to offer Christian Salvesen Shareholders (other than Restricted
       Overseas Persons) the option of receiving Loan Notes instead of cash under
       the Loan Note Alternative.

•      It is intended that the Transaction will be implemented by way of a
       Court-sanctioned Scheme of Arrangement under section 425 of the Companies
       Act.

•      GND is a leading transportation and logistics services company in
       continental Europe, with 190 locations in 13 countries. Headquartered near
       Lyon in France, GND generated revenue in excess of €1.6 billion in 2006 and
       is listed on the Euronext Paris Eurolist.

•      GND believes that the Transaction has a compelling strategic and financial
       rationale including:

             -   creation of one of the European market leaders in transportation
                 and logistics;

             -   enhancing GND's and Christian Salvesen's complementary strength
                 including expansion of distribution networks and strengthening of
                 presence in food and frozen products distribution;

             -   increasing GND's geographic footprint into the UK, Benelux and the
                 Iberian Peninsula;

             -   attractive financial profile including potential for increased
                 margins, strong cash flow and the realisation of significant
                 synergies;

             -   building on Christian Salvesen's established Transport Division
                 United Kingdom turnaround programme including initiatives
                 underpinning efficiency and maintaining strong customer
                 performance; and

             -   developing relationships with shared customers and pan-European
                 clients through cross-selling initiatives, as well as approaching
                 new clients with an expanded pan-European offering.

•      The consideration payable under the Transaction will be financed through
       existing cash resources and facilities being made available by Societe
       Generale.

•      Hawkpoint and GND have received irrevocable undertakings to vote in favour
       of the Transaction at the Court Meeting and the General Meeting from the
       Christian Salvesen Directors who hold Christian Salvesen Shares, certain
       members of the Salvesen family and other shareholders representing
       approximately 23.2 per cent. of the entire existing issued share capital of
       Christian Salvesen.

•      In addition, UBS Global Asset Management (UK) Ltd manages 26.83 million
       Christian Salvesen Shares (10.1 per cent.) and has irrevocably undertaken to
       exercise the voting rights attaching to these shares, except in the case
       where its clients do not permit UBS Global Asset Management (UK) Ltd to
       exercise voting rights on their behalf.

•      The Conditions to, and certain terms of, the Transaction are set out in this
       Announcement, together with certain information on Christian Salvesen and on
       GND.

•      This summary should be read in conjunction with, and is subject to, the
       remainder of this Announcement and the appendices. Appendix I sets out the
       Conditions to, and certain further terms of, the Transaction. Appendix II
       contains the bases and sources of certain information used in this
       Announcement. Appendix III contains details of the irrevocable undertakings
       received by GND. Appendix IV contains definitions of the terms used in this
       Announcement.

Commenting on the Transaction, Jean-Claude Michel, CEO of GND, said:

'This transaction is a major step in the development of GND and our strategic plan
to create a major player in the European market, which we view as having
significant growth potential, and it will allow us to significantly expand our
service offering to our customers. I am convinced that the acquisition of Christian
Salvesen will give rise to significant value creation.

I am delighted that key shareholders of Christian Salvesen, including certain
members of the Salvesen family, and the board of Christian Salvesen have agreed to
support our offer.

We look forward to working with the employees of Christian Salvesen to provide the
highest level of service to our customers.'

Commenting on the Transaction, David Fish, Chairman of Christian Salvesen, said:

'The Board of Christian Salvesen is recommending GND's all cash offer of 92 pence.
At a substantial premium of 79 per cent. to the undisturbed price on 24 September
2007 of 51.5 pence, we believe this represents a fair and attractive offer for
shareholders.

Christian Salvesen and GND have a strong strategic fit and share a common
background, having both started life as family-owned enterprises and been built up
and developed with a spirit of innovation and entrepreneurial zeal.'

Commenting on the Transaction, Stewart Oades, CEO of Christian Salvesen, said:
'I am pleased we have reached agreement to form an enlarged group which will
provide a stronger organisation, with greater opportunities for employees and
customers.

The combination will create a leading transport and logistics business with a wider
range of services and capabilities, greater geographical coverage and a commitment
to bringing together the best of both businesses.'



Enquiries:

GND                                              Tel: +33 (0) 475 232 526
Jean-Claude Michel
Patrick Bataillard

Hawkpoint                                        Tel: + 44 (0) 207 665 4500
(financial adviser to GND)
Paul Baines
Edouard Debost
Vinay Ghai

Maitland                                         Tel: +44 (0) 207 395 0430
(PR adviser to GND)
Neil Bennett

Christian Salvesen PLC                           Tel: +44 (0) 207 353 4200
Stewart Oades
Julian Steadman

UBS Investment Bank                              Tel: + 44 (0) 207 567 8000
(financial adviser to Christian Salvesen)
Melanie Gee
Sean Bennett

Hoare Govett                                     Tel: +44 (0) 207 678 8000
(corporate broker to Christian Salvesen)
Alexander Garton
Ranald McGregor Smith

JPMorgan Cazenove                                Tel: +44 (0) 207 588 2828
(corporate broker to Christian Salvesen)
Malcolm Moir
Guy Marks

Tulchan                                          Tel: +44 (0) 207 353 4200
(PR adviser to Christian Salvesen)
Stephen Malthouse
David Allchurch



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR
FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION


                                                                  2 October 2007

                          RECOMMENDED CASH ACQUISITION
                                       of
                             CHRISTIAN SALVESEN PLC
                                       by
                       GROUPE NORBERT DENTRESSANGLE S.A.

     1.  Introduction

         The Boards of Christian Salvesen and GND are pleased to announce today
         that they have reached agreement on the terms of a recommended acquisition
         by GND of the entire issued and to be issued ordinary share capital of
         Christian Salvesen.

     2.  The Transaction

         It is intended that the Transaction will be effected by way of a
         Court-sanctioned scheme of arrangement under section 425 of the Companies
         Act. Under the terms of the Scheme, which will be subject to the further
         terms and conditions set out in Appendix I to this Announcement and the
         full terms and conditions to be set out in the Scheme Document, Christian
         Salvesen Shareholders holding Christian Salvesen Shares at the Scheme
         Record Time will receive, subject to elections made under the Loan Note
         Alternative:

           for each Christian Salvesen Share            92.0 pence in cash

         The terms of the Transaction value the entire issued and to be issued
         share capital of Christian Salvesen at approximately £254.4 million, which
         represents:

             -   A premium of approximately 79 per cent. to the Closing Price of
                 51.5 pence for each Christian Salvesen Share on 24 September 2007,
                 being the last business day prior to the announcement by Christian
                 Salvesen that it had received approaches from potential offerors;
                 and
             -   A premium of approximately 58 per cent. to the average Closing
                 Price of 58.2 pence for each Christian Salvesen Share for the
                 three-month period prior to 24 September 2007, being the last
                 business day prior to the announcement by Christian Salvesen that
                 it had received approaches from potential offerors.

         If the Scheme becomes effective, subject to elections made under the Loan
         Note Alternative, a payment of 92.0 pence in cash per Christian Salvesen
         Share will be despatched or, where appropriate, credited through CREST, to
         Christian Salvesen Shareholders within 14 days of the Effective Date.

         Appropriate proposals will be made in due course to Christian Salvesen
         Plan Participants.

 3.  Loan Note Alternative

     GND intends to offer Christian Salvesen Shareholders (other than Restricted
     Overseas Persons) the option of receiving Loan Notes instead of cash under
     the Loan Note Alternative. Full details will be included in the Scheme
     Document.


 4.  Recommendation

     The Christian Salvesen Directors, having been so advised by UBS, consider
     the terms of the Transaction to be fair and reasonable. In providing advice
     to the Christian Salvesen Directors, UBS has taken into account the
     commercial assessments of the Christian Salvesen Directors.

     Accordingly, the Christian Salvesen Directors intend to unanimously
     recommend Christian Salvesen Shareholders to vote in favour of the
     Transaction at the Court Meeting and the General Meeting (or, in the event
     that the Transaction is implemented by way of the Offer, to accept or
     procure acceptance of the Offer) as the Christian Salvesen Directors who
     hold Christian Salvesen Shares and certain other shareholders have
     irrevocably undertaken to do in respect of their own beneficial holdings of
     61,456,477 Christian Salvesen Shares, representing approximately 23.2 per
     cent. of the entire existing issued share capital of Christian Salvesen.

 5.  Background to and reasons for the Transaction

     GND believes that the Transaction will enable the enlarged group to offer
     significant operational benefits to customers and will facilitate growth of
     the business within Europe.

     The two groups have achieved strong development in Europe over a number of
     years, starting from their national bases, with two common strategic
     businesses of Transport and Logistics.

     GND believes the combination of Christian Salvesen and GND will create a
     leading European player and the two companies' businesses will be highly
     complementary, both in terms of activity and geographical presence:

     Leading player:
      -   the enlarged group will enter into the top echelon of European
          logistics and transport providers, with combined sales achieved in
          2006 of c. €2.9 billion and approximately 390 sites in 13 countries;
      -   creation of a leading pan-European road transport provider, with
          combined revenues of €1.6 billion in 2006, and Europe's largest
          tractor and trailer fleet operator, with approximately 8,000 tractors
          and approximately 10,200 trailers; and
      -   joining the group of major European providers of logistics services,
          with combined revenues of €1.3 billion in 2006 and c. 4 million square
          metres of operated warehouse space.

     Complementary activities:
      -   GND believes the local networks of Christian Salvesen in key
          countries, including the UK, Benelux and Spain, will expand GND's
          overall offering and in addition GND's service offering will be
          strengthened through the contribution of a new activity for the group
          in shared user distribution; and
      -   GND believes the strong presence of Christian Salvesen in food and
          refrigerated products will continue to strengthen GND's current market
          position and service potential to clients.

     Geographical fit:
      -   Christian Salvesen's strong presence in the UK, Benelux and the
          Iberian Peninsula offers strategic scale for GND's current products
          and services; and
      -   GND has established positions in France, Italy and several Eastern
          European countries which, when linked with Christian Salvesen's
          geographic presence, will create a leading European network.

     GND also believes that there may be significant growth within the European
     market which it serves owing to potential increases in trade that will
     continue to be supported by the increasing distance between production
     zones and customer zones.

     Furthermore, GND believes a critical size is required to meet clients'
     expectations for a complete range of tailor-made transport and logistics
     solutions within Europe and that this Transaction will contribute
     significantly to GND's prospects within this market.

     GND has considerable experience of integrating companies. GND has acquired
     approximately 40 companies over the past 20 years, which today represent
     more than 50 per cent. of GND's group revenue. During this period GND has
     successfully introduced its systems, processes and efficiencies into
     companies it has acquired, whilst retaining the core competencies and
     skills which each business has added to GND.

     GND believes that its experience in acquiring and integrating acquired
     companies, along with the two groups' complementary cultures, will assist
     the integration and continued growth of the new combined group, which will
     be founded on the utilisation of best practices in each group.

     GND expects the Transaction to deliver significant annual synergies of
     around €25 million before interest and taxes by 2010, driven by cost
     savings on purchases, back office costs and information systems.

     GND expects the transaction to be earnings accretive starting in the first
     year (before exceptional items such as one-off costs relating to
     synergies).

     6.  Information on the GND Group

         GND is a leading transportation and logistics services company in
         continental Europe, with 190 locations in 13 countries. GND employs
         approximately 15,200 people, manages approximately 2.8 million square
         metres of warehouse space and performs international transportation and
         contract distribution in Europe with approximately 5,300 tractors and
         approximately 6,500 trailers/tankers.

         GND is active in all sectors of the economy with a portfolio of
         prestigious clients within Europe.

         For the year ended 31 December 2006 GND reported revenue of €1,608
         million, operating profit of €83.1 million and profit before tax of €76.5
         million.

         GND has a 28-year success story:
             -   created in 1979 by Norbert Dentressangle focussing on the
                 international transport business within the UK;
             -   strategy for growth immediately focused on the creation of a
                 European network with facilities in the UK (1979), Italy (1985),
                 and Spain (1986);
             -   range of transport activities branching out into warehousing
                 logistics in 1997. Today, nearly 40 per cent. of the Group's total
                 turnover is warehousing logistics; and
             -   continuous growth through organic development as well as transport
                 and logistics companies acquisitions.

         GND's products and services can be split into two main businesses:

         Transportation (63 per cent. of total revenue):
               -   under Transportation, GND provides contract distribution for
                   packed goods, bulk goods and temperature controlled goods. GND
                   also offers a range of related services and customised solutions
                   designed to meet customer needs including transport solutions,
                   international groupage, domestic distribution, outsourcing
                   customer fleets, and domestic and international transport of
                   full loads; and
               -   information flow management is also one of the strengths of
                   GND's transport service offering.

         Logistics (37 per cent. of total revenue):
               -   under Logistics, GND provides advisory services, warehousing,
                   supply chain management and other related services such as
                   storage, stock management, delayed differentiation and
                   co-packing, and order preparation; and

               -   to guarantee GND's clients faultless traceability adapted to
                   their needs, GND has also invested in the latest IT systems and
                   new technologies.

         Over many years, GND has demonstrated its dedication and commitment to the
         development of its employees. For example, its training budget is equal to
         3 per cent. of its payroll.

         Since 2004, GND has been committed to a sustainable development policy
         that is constructed around four commitments: -
               -   reducing green house gas emissions;
               -   environmental site management;
               -   road safety; and
               -   integration and internal promotion.

         Headquartered near Lyon in France, GND is listed on the Euronext Paris
         Eurolist with a current market capitalisation of approximately €738
         million. More information is available at www.norbert-dentressangle.com.

 7.  Information on Christian Salvesen

     Christian Salvesen has a long and innovative history, having been formed in
     1872 by the Salvesen family, focussing initially on providing shipping
     services. It diversified into the new frozen food industry in 1958 by
     opening its first cold store in the UK and expanded into frozen food
     distribution as customers requested transport for their frozen food
     operations. Its logistics and transport business was thus born.

     Christian Salvesen further diversified its activities into other areas
     during the 1970s, but continued to focus on the food services sector,
     expanding its cold stores and food processing facilities, and subsequently
     winning a major frozen food contract with Marks & Spencer in 1986.

     During the 1980s, Christian Salvesen acquired a number of businesses
     including Aggreko, which was demerged from the group in 1997, when it also
     sold a number of other non-core businesses to focus on logistics and
     transport activities. During the 1990s, Christian Salvesen expanded its
     presence within the network transport sector in Europe by the acquisition
     of Swift in the UK in 1993, Gerposa in Spain in 1999 and later Darfeuille
     in France in 2001. It also built up its frozen and chilled logistics
     business across mainland Europe and the UK, creating operations in five
     countries.

     Throughout its long history Christian Salvesen has always fostered an
     entrepreneurial culture at the heart of its core values and has been built
     up with a spirit of innovation.

     Christian Salvesen has continued to develop its strong blue chip customer
     base and has focused on creating an integrated European service offering to
     its customers. Today, Christian Salvesen is a major European logistics and
     transportation business operating in the UK, France, Benelux, Ireland,
     Portugal and Spain. Christian Salvesen employs c. 14,000 people, across
     approximately 200 sites.

     Christian Salvesen has a portfolio of high profile customers across a
     number of sectors of the market including automotive, aviation logistics,
     building products, clothing and fashion, non-food retail, food & food
     processing, retail support and manufactured products.

     Christian Salvesen reported revenue for the year ended 31 March 2007 of
     £899 million, operating profit of £18.1 million, before exceptional items,
     and profit before tax and exceptional items of £12.5 million.

     Christian Salvesen has two main operating divisions, Logistics and
     Transport:

     Logistics (Revenue £457 million):

      -   Christian Salvesen offers dedicated and shared-user outsourced supply
          chain operations to a number of food and consumer sectors with
          presence in frozen services. Services provided include distribution,
          warehousing and reverse logistics activities. Operating from locations
          across the UK and mainland Europe, Christian Salvesen's logistics
          business employs around 8,300 people.
      -   Logistics customers include: Marks & Spencer, Tesco, Asda Walmart,
          Morrisons, Danone, British Airways, Unilever, PepsiCo, Birds Eye and
          McCain.

     Transport (Revenue £442 million)
      -   Christian Salvesen provides a variety of transportation services for a
          wide range of customers. By operating a combination of both dedicated
          and shared-user network operations, Christian Salvesen is able to
          tailor solutions to customers' exact requirements. Christian
          Salvesen's networks cover France, Iberia and the UK and serve business
          sectors including automotive, chemicals and lubricants, packaging and
          plastics, paper and packaging and pharmaceuticals. Operating across
          locations in the UK, France and Spain, Christian Salvesen's Transport
          business employs c. 5,700 people.
      -   Transport customers include: Ford, GM, Goodyear Dunlop, Michelin,
          Continental, Renault, Nissan, Velux, BP, Inditex, Myson and Total.

     More information on Christian Salvesen is available at www.salvesen.com

 8.  Directors, management, employees and location

     The Board of GND has given assurances to the Christian Salvesen Directors
     that, following the Scheme becoming effective, the existing employment
     rights, including pension rights, of all Christian Salvesen Group employees
     will be fully safeguarded.

     As part of developing its strategic plans, GND intends to complete a
     process of strategic evaluation in the first year of ownership aimed at
     ensuring Christian Salvesen has the appropriate structure to achieve the
     maximum potential of the business.

 9.  Christian Salvesen Share Plans

     Christian Salvesen Share Plan Participants will be contacted regarding the
     effect of the Transaction on their rights under the Christian Salvesen
     Share Plans and appropriate proposals will be made to the Christian
     Salvesen Share Plan Participants in due course. Further details of these
     proposals will be set out in the Scheme Document.

 10.  Financing of the Transaction

      The consideration payable by GND under the Transaction will be partly
      financed through existing cash resources of GND. To finance the balance of
      the consideration due under the Transaction, GND has in place senior
      credit facilities totalling €225 million consisting of a term loan
      underwritten by Societe Generale.

      Under the terms of these facilities, the consent of Societe Generale is
      required by GND if and to the extent it wishes to waive or amend or treat
      as satisfied any condition of the Transaction where such waiver or consent
      would be materially prejudicial to the interests of Societe Generale
      (unless required by the Panel).

      Further details of the financing will be set out in the Scheme Document.

      Hawkpoint has confirmed that it is satisfied that the necessary financial
      resources are available to GND to enable GND to satisfy in full the cash
      consideration payable by it under the Transaction.

 11.  Disclosure of interests in Christian Salvesen

      Neither GND nor, so far as the GND Directors are aware, any person acting
      in concert with it, has any interest in or right to subscribe for or
      purchase Christian Salvesen Shares or any securities convertible or
      exchangeable into Christian Salvesen Shares, has any short position
      (including any short positions under a derivative, any agreement to sell
      or any delivery obligation or right to require another person to take
      delivery) in Christian Salvesen Shares, has borrowed or lent any Christian
      Salvesen Shares (save for any borrowed shares which have been either
      on-lent or sold) or has any arrangement in relation to Christian Salvesen
      Shares. For these purposes, 'arrangement' includes any agreement to sell
      or any delivery obligation or right to require another person to purchase
      or take delivery and borrowing or lending of Christian Salvesen Shares. An
      'arrangement' also includes any indemnity or option arrangement, any
      agreement or understanding, formal or informal, of whatever nature
      relating to Christian Salvesen Shares which may be an inducement to deal
      or refrain from dealing in such securities. 'Interest' includes any long
      economic exposure, whether conditional or absolute, to changes in the
      price of securities and a person is treated as having an 'interest' by
      virtue of the ownership or control of securities, or by virtue of any
      option in respect of, or derivative referenced to, securities.

 12.  Structure of the Transaction

      It is intended that the Transaction will be effected by means of a
      Court-sanctioned scheme of arrangement between Christian Salvesen and
      Christian Salvesen Shareholders under section 425 of the Companies Act.
      The procedure will involve an application by Christian Salvesen to the
      Court to sanction the Scheme and confirm the cancellation of all
      Cancellation Shares.

      The implementation of the Scheme will be subject, among other things, to
      the terms and conditions set out in Appendix I and the full terms and
      conditions which will be set out in the Scheme Document. In particular,
      the Scheme will only become effective if, among other things, the
      following events occur:

       -   a resolution to approve the Scheme is passed by a majority in number
           of the Christian Salvesen Shareholders present and voting (and
           entitled to vote), either in person or by proxy at the Court Meeting,
           representing not less than three-quarters in value of the Christian
           Salvesen Shares held by such Christian Salvesen Shareholders;
       -   the Resolution to implement the Scheme and to amend the Christian
           Salvesen Articles is passed at the General Meeting; and
       -   the Scheme is sanctioned (with or without modification), and the
           associated Reduction of Capital is confirmed, by the Court and the
           Scheme becomes effective by registration of the Court Orders with the
           Registrar of Companies and the issue by the Registrar of Companies of
           a certificate under section 138 of the Companies Act in relation to
           the Reduction of Capital associated with the Scheme.

      The purpose of the Scheme is to provide for GND to become the owner of the
      whole of the issued and to be issued ordinary share capital of Christian
      Salvesen not already held by members of the GND Group. This is expected to
      be achieved by:

       -   the cancellation of the Cancellation Shares held by Scheme
           Shareholders and the application of the reserve arising from such
           cancellation in paying up in full a number of new Christian Salvesen
           Shares (which is equal to the number of Cancellation Shares
           cancelled) and issuing them to GND; and
       -   immediately after the cancellation of the Cancellation Shares and the
           issue of new Christian Salvesen Shares to GND, the transfer by
           Christian Salvesen Shareholders to GND of the Loan Note Elected
           Shares in accordance with the Scheme in consideration for which
           relevant Scheme Shareholders will be issued Loan Notes, on the basis
           set out in paragraph 3 of this Announcement, instead of the cash
           consideration which they would otherwise have been entitled to
           receive.

      If the Scheme has not become effective by the date falling 210 days after
      the date of posting of the Scheme Document, or such later date as GND and
      Christian Salvesen may agree (with, where applicable, the consent of the
      Panel) and the Court may allow, it will lapse.

      Upon the Scheme becoming effective, it will be binding on all Scheme
      Shareholders, irrespective of whether or not they attended or voted at the
      Court Meeting or the General Meeting (and if they attended and voted,
      whether or not they voted in favour), with the cash consideration (in
      respect of Cancellation Shares) and Loan Notes (in respect of the Loan
      Note Elected Shares) being despatched by GND to Scheme Shareholders no
      later than 14 days after the Effective Date.

      Christian Salvesen intends to make applications to the UK Listing
      Authority and the London Stock Exchange for the listing of Christian
      Salvesen Shares to be cancelled and to cease to be admitted to trading on
      the London Stock Exchange's market for listed securities, with effect as
      of or shortly following the Effective Date.

      The Scheme will contain a provision for Christian Salvesen to consent, on
      behalf of all persons concerned, to any modification of or addition to the
      Scheme or to any condition that the Court may approve or impose. Christian
      Salvesen has been advised that it is unlikely that the Court would impose
      any condition to the Scheme that might be material to the interests of
      Christian Salvesen Shareholders unless Christian Salvesen Shareholders
      were informed in advance.

      GND reserves the right to elect to implement the acquisition of the
      Christian Salvesen Shares by way of a takeover offer (as such term is
      defined in Part 28 of the Companies Act 2006). In such event, the Offer
      will be implemented on the same terms (subject to appropriate amendments),
      so far as applicable, as those which would apply to the Scheme except that
      the Offer may exclude Christian Salvesen Shareholders resident in certain
      overseas jurisdictions.

      Further details of the Scheme, including an indicative timetable for its
      implementation, will be contained in the Scheme Document, together with
      details on how Christian Salvesen Shareholders may participate in the
      Transaction.

 13.  Implementation Agreement

      GND and Christian Salvesen have entered into an Implementation Agreement
      which contains certain assurances in relation to the implementation of the
      Scheme and related matters. Further information regarding this
      Implementation Agreement will be set out in the Scheme Document. In
      particular, the Implementation Agreement contains the principal provisions
      set out below.

      Undertakings to Implement the Scheme

      Christian Salvesen and GND have undertaken to one another to take certain
      steps to implement the Scheme, including lodging a petition to sanction
      the Scheme with the Court, the despatch of the Scheme Document, convening
      the Court Meeting and the General Meeting, and taking steps to seek the
      Court Orders to make the Scheme effective.

      Inducement Fee

      Christian Salvesen has agreed in the Implementation Agreement to pay an
      inducement fee (of approximately £2.54 million or 1 per cent. of the value
      of any increased offer made by GND calculated by reference to the price of
      that offer per Christian Salvesen Share and the fully diluted equity share
      capital (as such term is understood by the Panel) of Christian Salvesen)
      to GND if:

      (a) (i) an Alternative Acquisition Proposal is announced (for the purposes
          of Rule 2.5 of the Code or equivalent) or is otherwise agreed within
          the six month period immediately following the release of this
          Announcement and (ii) the Scheme subsequently lapses or is withdrawn
          in accordance with its terms; or

      (b) before the Scheme lapses or is withdrawn, the Christian Salvesen
          Directors withdraw, qualify or modify their unanimous and unqualified
          recommendation of the Transaction or do not make a unanimous and
          unqualified recommendation of the Transaction and the Transaction is
          not completed by the date falling 210 days after the date of posting
          of the Scheme Document. The Christian Salvesen Directors will be
          deemed to have modified their unanimous and unqualified recommendation
          of the Transaction if they recommend any Alternative Acquisition
          Proposal (whether on a pre-conditional basis or otherwise)
          irrespective of whether such Alternative Acquisition Proposal is
          formally announced.

      Non-Solicitation Arrangements

      Christian Salvesen has undertaken not to do any of the following (unless
      the Scheme lapses or is withdrawn):

      (a) solicit or otherwise seek to initiate any Competing Proposal;

      (b) provide any information on the Christian Salvesen Group or its
          business to a third party which has not already been provided to GND;
          or

      (c) release any third party from any confidentiality or standstill
          agreement, or amend any such agreement, entered into in connection
          with a Competing Proposal before the date of the Implementation
          Agreement,

      unless it is required to do so in order to comply with the Code.

      Christian Salvesen has also undertaken to inform GND as soon as reasonably
      practicable of any approach to or discussions with the Christian Salvesen
      Group with regard to a Competing Proposal or request for information,
      including pursuant to Rule 20.2 of the Code, but without disclosing the
      details of the approach or discussions or the identity of the other party
      to them.

      Termination

      The Implementation Agreement may be terminated in the following
      circumstances:

      (a) by agreement in writing between GND and Christian Salvesen at any
          time;

      (b) by GND in the event that the Panel consents to the withdrawal of the
          Scheme in consequence of the failure of any of the Conditions; or

      (c) if the Scheme is not approved by the requisite majority of Christian
          Salvesen Shareholders at the Court Meeting or the Resolution is not
          passed by the requisite majority at the General Meeting, or

      (d) by GND or Christian Salvesen if the Court does not grant the Scheme
          Court Order at the Scheme Hearing or the Reduction Court Order at the
          Reduction Hearing (other than by reason of a technical default which
          is capable of remedy and which GND and Christian Salvesen take all
          necessary steps to remedy within reasonable period of the Court's
          refusal)

      and will terminate if the Scheme does not become effective by the date
      falling 210 days after the date of posting of the Scheme Document.

 14.  Overseas Shareholders

      The availability of the Transaction to Christian Salvesen Shareholders who
      are not resident in the United Kingdom may be affected by the laws of
      their relevant jurisdiction. Such persons should inform themselves of, and
      observe, any applicable legal or regulatory requirements of their
      jurisdiction. If you remain in any doubt, you should consult an
      appropriate independent professional adviser in the relevant jurisdiction
      without delay.

      The Loan Note Alternative will not be available to Restricted Overseas
      Persons and consequently such persons will not be eligible to receive Loan
      Notes.

      Loan Notes that may be issued pursuant to the proposed Transaction have
      not been and will not be registered under the US Securities Act or under
      the relevant securities laws of any state or territory or other
      jurisdiction of the United States. Accordingly, Loan Notes may not be
      offered or sold in the United States, except in a transaction not subject
      to, or in reliance on an exemption from, the registration requirements of
      the US Securities Act and state securities laws.

      Unless GND otherwise determines, the relevant clearances and registrations
      have not been, nor will they be, sought or obtained, nor have any steps
      been taken, nor will any steps be taken, to enable the Loan Notes to be
      publicly offered in compliance with applicable securities laws of
      Australia, Canada or Japan (or any province or territory thereof, if
      applicable) or any other jurisdiction. Accordingly, the Loan Notes
      (subject to certain exceptions) may not be offered, sold, resold,
      transferred, or delivered, directly or indirectly, in, into or from,
      Australia, Canada or Japan or any other jurisdiction where to do so would
      violate the laws of that jurisdiction or would require registration
      thereof in such jurisdiction. No listing authority or equivalent has
      reviewed, approved or disapproved of this Announcement, the Transaction or
      the Loan Notes, or expressed a view on the accuracy or adequacy of this
      Announcement.

      Under the terms of the Transaction, GND has reserved the right to make a
      takeover offer for Christian Salvesen as an alternative to a Scheme. If
      GND exercises its right to implement the Transaction by means of the
      Offer, the Offer will be made in compliance with applicable laws and
      regulations, including US securities laws, to the extent applicable.

 15.  Irrevocable Undertakings

      Hawkpoint and GND have received irrevocable undertakings to vote in favour
      of the resolutions to be proposed in connection with the Transaction at
      the Court Meeting and the General Meeting from the Christian Salvesen
      Directors who hold Christian Salvesen Shares, certain members of the
      Salvesen family and certain other shareholders representing approximately
      23.2 per cent. of the entire existing issued share capital of Christian
      Salvesen. These undertakings and the undertaking given by UBS Global Asset
      Management (UK) Limited referred to below will cease to have any effect in
      the event that: the Scheme Document is not posted within the period
      permitted by the Panel; the Scheme lapses or is withdrawn; or, except in
      the case of undertakings given by Christian Salvesen Directors, a firm
      intention to make an offer with an aggregate value per Christian Salvesen
      Share that is at least 10.1 per cent. higher than GND's offer price at
      that time is announced by a person other than GND or a person acting in
      concert with GND.

      In addition, UBS Global Asset Management (UK) Limited manages 26.83
      million Christian Salvesen Shares (10.1 per cent.) and has irrevocably
      undertaken to exercise the voting rights attaching to these shares, except
      in the case where its clients do not permit UBS Global Asset Management
      (UK) Limited to exercise voting rights on their behalf.

      Further details of these irrevocable undertakings are set out in Appendix
      III to this Announcement.

 16.  General

      The Scheme will be made on the terms and subject to the Conditions set out
      herein and in Appendix I, and to be set out in the Scheme Document. The
      Scheme Document will be posted to Christian Salvesen Shareholders and made
      available, for information only, to participants in the Christian Salvesen
      Share Plans as soon as practicable, which is expected to be on or around
      15 October 2007. Christian Salvesen will prepare the Scheme Document. GND
      and Christian Salvesen urge Christian Salvesen Shareholders to read the
      Scheme Document when it becomes available because it will contain
      important information relating to the Transaction.

      The Scheme will be governed by Scots law. The Scheme will be subject to
      the applicable requirements of the Code, the Takeover Panel, the London
      Stock Exchange and the UK Listing Authority.

      Appendix I sets out the Conditions to, and certain further terms of, the
      Transaction. Appendix II contains the bases and sources of certain
      information used in this Announcement. Appendix III contains details of
      the irrevocable undertakings received by Hawkpoint and GND. Appendix IV
      contains definitions of the terms used in this Announcement.

Enquiries:

GND                                              Tel: +33 (0) 475 232 526
Jean-Claude Michel
Patrick Bataillard

Hawkpoint                                        Tel: + 44 (0) 207 665 4500
(financial adviser to GND)
Paul Baines
Edouard Debost
Vinay Ghai

Maitland                                         Tel: +44 (0) 207 395 0430
(PR adviser to GND)
Neil Bennett

Christian Salvesen PLC                           Tel: +44 (0) 207 353 4200
Stewart Oades
Julian Steadman

UBS Investment Bank                              Tel: + 44 (0) 207 567 8000
(financial adviser to Christian Salvesen)
Melanie Gee
Sean Bennett

Hoare Govett                                     Tel: +44 (0) 207 678 8000
(corporate broker to Christian Salvesen)
Alexander Garton
Ranald McGregor Smith

JPMorgan Cazenove                                Tel: +44 (0) 207 588 2828
(corporate broker to Christian Salvesen)
Malcolm Moir
Guy Marks

Tulchan                                          Tel: +44 (0) 207 353 4200
(PR adviser to Christian Salvesen)
Stephen Malthouse
David Allchurch

Hawkpoint, which is authorised and regulated in the United Kingdom by the
Financial Services Authority is acting for GND and no one else in connection
with the Transaction and will not be responsible to anyone other than GND for
providing the protections afforded to clients of Hawkpoint or for providing
advice in connection with the Transaction or the content of, or any other
transaction, matter or arrangement referred to in, this Announcement.

UBS is acting exclusively for Christian Salvesen and no one else in connection
with the Transaction and will not be responsible to anyone other than Christian
Salvesen for providing the protections afforded to clients of UBS nor for
providing advice in relation to the Transaction or the content of, or any other
transaction, matter or arrangement referred to in, this Announcement..

This Announcement does not constitute a prospectus or an equivalent document. It
is not intended to and does not constitute, or form part of, any offer or
invitation to purchase any securities or the solicitation of any vote or
approval in any jurisdiction pursuant to the Transaction or otherwise. In
particular, this Announcement is not an offer of securities for sale in or into
the United States. The proposals in respect of the Transaction will be made
solely through the Scheme Document, which will contain the full terms and
conditions of the Transaction, including details of how to vote in respect of
the Transaction. Any response to the Transaction should be made only on the
basis of the information contained in the Scheme Document.

Information for Overseas Persons

The availability of the Transaction to persons who are not resident in the
United Kingdom may be affected by the laws of the relevant jurisdictions.
Persons who are not so resident should inform themselves about and observe any
applicable requirements in those jurisdictions. Further details in relation to
overseas shareholders will be contained in the Scheme Document.

The distribution of this Announcement in jurisdictions outside the United
Kingdom may be restricted by law and therefore persons in such jurisdictions
into whose possession this Announcement comes should inform themselves about and
observe such restrictions. Any failure to comply with the applicable
restrictions may constitute a violation of the securities laws of any such
jurisdiction. This Announcement has been prepared for the purposes of complying
with Scots law and the Code, and the information disclosed may not be the same
as that which would have been disclosed if this Announcement had been prepared
in accordance with the laws of jurisdictions outside the United Kingdom.

Loan Notes that may be issued pursuant to the proposed Transaction have not been
and will not be registered under the US Securities Act or under the relevant
securities laws of any state or territory or other jurisdiction of the United
States. Accordingly, Loan Notes may not be offered or sold in the United States,
except in a transaction not subject to, or in reliance on an exemption from, the
registration requirements of the US Securities Act and state securities laws.

Unless GND otherwise determines, the relevant clearances and registrations have
not been, nor will they be, sought or obtained, nor have any steps been taken,
nor will any steps be taken, to enable the Loan Notes to be publicly offered in
compliance with applicable securities laws of Australia, Canada or Japan (or any
province or territory thereof, if applicable) or any other jurisdiction.
Accordingly, the Loan Notes (subject to certain exceptions) may not be offered,
sold, resold, transferred, or delivered, directly or indirectly, in, into or
from, Australia, Canada or Japan or any other jurisdiction where to do so would
violate the laws of that jurisdiction or would require registration thereof in
such jurisdiction. No listing authority or equivalent has reviewed, approved or
disapproved of this Announcement, the Transaction or the Loan Notes, or
expressed a view on the accuracy or adequacy of this Announcement.

The Transaction relates to the shares of a Scottish company and is proposed to
be effected by means of a scheme of arrangement under Scots company law. A
transaction effected by means of a scheme of arrangement is not subject to the
proxy solicitation or tender offer rules under the US Securities Exchange Act of
1934, as amended. Accordingly, the Scheme is subject to the disclosure
requirements, rules and practices applicable in the United Kingdom to schemes of
arrangement, which differ from the requirements of US proxy solicitation or
tender offer rules. Financial information included in the relevant documentation
will have been prepared in accordance with accounting standards applicable in
the United Kingdom and France that may not be comparable to the financial
statements of US companies.

Forward-Looking Statements

This Announcement includes forward-looking statements, including statements
about the expected timing of the Transaction, the expected effects on Christian
Salvesen of the Transaction, anticipated earnings enhancements, estimated cost
savings and other synergies, potential strategic options, plans for and benefits
of integration, estimated future growth, market position and all other
statements in this Announcement other than statements of historical fact.
Forward-looking statements include, without limitation, statements containing
words such as 'will', 'may', 'should', 'continue', 'aims', 'believes',
'expects', 'estimates', 'intends', 'anticipates', 'projects,' 'plans' or similar
expressions. By their nature, forward-looking statements involve known or
unknown risks and uncertainties because they relate to events and depend on
circumstances that all occur in the future. Actual results may differ materially
from those expressed in the forward-looking statements depending on a number of
factors, including, but not limited to, the satisfaction of the conditions to
the Scheme, future market conditions, the behaviour of other market
participants, changes in the economic climate, a fluctuation in the level of
customers' commercial activity, consultation with employee representative
bodies, a loss of key personnel and the extent to which the Christian Salvesen
and GND businesses are successfully integrated. Many of these risks and
uncertainties relate to factors that Christian Salvesen and GND cannot control
or estimate precisely, such as future market conditions and the behaviour of
other market participants. The forward-looking statements contained in this
Announcement are made as of the date hereof and Christian Salvesen and GND
assume no obligation and do not intend publicly to update or revise these
forward-looking statements, whether as a result of future events or new
information or otherwise except as required pursuant to applicable law.

Dealing Disclosure Requirements

Under the provisions of Rule 8.3 of the Code, if any person is, or becomes,
'interested' (directly or indirectly) in 1% or more of any class of 'relevant
securities' of Christian Salvesen, all 'dealings' in any 'relevant securities'
of Christian Salvesen (including by means of an option in respect of, or a
derivative referenced to, any such 'relevant securities') must be publicly
disclosed by no later than 3.30 p.m. (London time) on the business day following
the date of the relevant transaction. This requirement will continue until the
date on which the Scheme becomes effective, lapses or is otherwise withdrawn or
on which the 'offer period' otherwise ends. If two or more persons act together
pursuant to an agreement or understanding, whether formal or informal, to
acquire an 'interest' in 'relevant securities' of Christian Salvesen, they will
be deemed to be a single person for the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant
securities' of Christian Salvesen by GND, or by any of its 'associates', must be
disclosed by no later than 12.00 p.m. (London time) on the business day
following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant
securities' 'dealings' should be disclosed, and the number of such securities in
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk.

'Interests in securities' arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an 'interest' by
virtue of the ownership or control of securities, or by virtue of any agreement
to purchase, option in respect of, or derivative referenced to, securities.

Terms in quotations marks are defined in the Code, which can also be found on
the Panel's website. If you are in any doubt as to the application of Rule 8 of
the Code to you, please contact an independent financial adviser authorised
under the Financial Services and Markets Act 2000 (as amended), consult the
Panel's website or contact the Panel on telephone number +44 (0)20 7382 9026 or
fax +44 (0)20 7638 1554. If you are in any doubt as to whether or not you are
required to disclose a 'dealing' under Rule 8, you should consult the Panel.

If you are in any doubt about the action you should take, you are recommended to
seek your own personal financial advice immediately from your stockbroker, bank
manager, solicitor, accountant or independent financial adviser authorised under
the Financial Services and Market Act 2000 (as amended) if you are resident in
the United Kingdom or, if not, from another appropriately authorised independent
financial adviser.

Copies of this Announcement can be found at Christian Salvesen's website at
www.salvesen.com and GND's website at www.norbert-dentressangle.com.



                                   APPENDIX I

                  CONDITIONS TO THE SCHEME AND THE TRANSACTION

The Transaction is conditional upon the Scheme becoming unconditional and becoming
effective, subject to the Code, by not later than the date falling 210 days after
the date of posting of the Scheme Document or such later date (if any) as GND and
Christian Salvesen may agree, and the Panel and the Court may allow.

     1.  Conditions to the Scheme

(A)      the approval of the Scheme by a majority in number, representing at least
         three-fourths in value, of the holders of Christian Salvesen Shares (or
         the relevant class or classes thereof), present and voting either in
         person or by proxy, at the Court Meeting and at any separate class meeting
         which may be required by the Court (or at any adjournment of such
         meeting);

(B)      the resolution(s) required to approve and implement the Scheme being duly
         passed by the requisite majority at the General Meeting (or at any
         adjournment of such meeting); and

(C)      the sanction (in, either case, with or without modifications on terms
         reasonably acceptable to GND, GND and Christian Salvesen) of the Scheme
         and the confirmation of the Reduction of Capital involved therein by the
         Court and certified copies of the Court Orders and, in respect of the
         Reduction Court Order, the minute of such reduction attached thereto being
         delivered for registration to the Registrar of Companies.

     2.  Other Conditions to the Transaction

GND and Christian Salvesen have agreed that, subject as stated in paragraph 3 below
and subject to the requirements of the Panel in accordance with the Code, the
Transaction will also be conditional upon the following matters and, accordingly,
the necessary actions to make the Scheme effective will not be taken unless such
Conditions are satisfied or (where relevant) waived:

(A)          (i)        the European Commission indicating, in terms reasonably
                        satisfactory to GND, that it does not intend to initiate
                        proceedings under Article 6(1)(c) of Council Regulation 139
                        /2004 (the 'Merger Regulation') in respect of the proposed
                        acquisition of Christian Salvesen by GND or any matter
                        arising therefrom; and
             (ii)       the European Commission not having made a referral to a
                        competent authority of any member state of the European
                        Union under Article 9(1) of the Merger Regulation in
                        respect of all or any part of the proposed acquisition of
                        Christian Salvesen by GND or any matter arising therefrom
                        or, in the event of such a referral, clearance being
                        obtained from the competent authority of any such member
                        state on terms reasonably satisfactory to GND;

(B)          (excluding antitrust or merger control clearances in respect of the
             Transaction, in relation to which the Conditions set out in paragraph
             2(A)(i) and (ii) inclusive above and paragraph 4 below only shall
             apply) no central bank, government, governmental, quasi-governmental,
             supranational, statutory, administrative, regulatory body, or any
             court, institution, investigative body, association, trade agency or
             professional or environmental body or any other similar person or body
             in any jurisdiction (each, a 'Relevant Authority'') having decided to
             take, institute, implement or threaten any action, proceeding, suit,
             investigation, enquiry or reference or enacted, or made any statute,
             regulation, decision or order or having taken any other step or done
             anything which would or might reasonably be expected to:

             (i)        result in material delay in the ability of GND, or render
                        GND unable, to acquire some or all of the Christian
                        Salvesen Shares;

             (ii)       require, prevent or delay the divestiture (or alter the
                        terms envisaged for such divestiture) by any member of the
                        wider GND Group or by any member of the wider Christian
                        Salvesen Group of all or any portion of their respective
                        businesses, assets or properties or impose any limitation
                        on the ability of any of them to conduct their businesses
                        or own their respective assets or properties or any part
                        thereof which in any such case is material in the context
                        of the Transaction;

             (iii)      impose any material limitation on, or result in a material
                        delay in, the ability of any member of the wider GND Group
                        to acquire or hold or exercise effectively, directly or
                        indirectly, all or any rights of ownership of shares or
                        other securities of any member of the wider Christian
                        Salvesen Group or on the ability of any member of the wider
                        Christian Salvesen Group to hold or exercise effectively,
                        directly or indirectly, all or any rights of ownership of
                        shares or other securities or to exercise management
                        control over any other member of the wider Christian
                        Salvesen Group which in any such case is material in the
                        context of the wider GND Group or the wider Christian
                        Salvesen Group as the case may be;

             (iv)       except pursuant to Part 28 of the Companies Act 2006 and
                        the Scheme, require any member of the wider GND Group or
                        the Christian Salvesen Group to offer to acquire any shares
                        or other securities or rights thereover in any member of
                        the Christian Salvesen Group owned by any third party;

             (v)        make the Transaction or its implementation or the proposed
                        acquisition by GND of any shares or other securities in
                        Christian Salvesen or the acquisition or control of
                        Christian Salvesen or any member of the Christian Salvesen
                        Group, illegal, void or unenforceable in or under the laws
                        of any jurisdiction or directly or indirectly materially
                        restrict or delay, prohibit or otherwise interfere with the
                        same, or impose material additional conditions or
                        obligations with respect to, or otherwise materially
                        challenge or interfere therewith;

             (vi)       result in any member of the wider Christian Salvesen Group
                        ceasing to be able to carry on business under any name
                        under which it presently does so; or

             (vii)      impose any limitation which is material in the context of
                        the Transaction on the ability of any member of the wider
                        GND Group or the wider Christian Salvesen Group to conduct
                        or co-ordinate or integrate its business, or any part of
                        it, with the business of any other member of the wider GND
                        Group or the wider Christian Salvesen Group; or

             (viii)     otherwise adversely affect the business, assets or profits
                        of any member of the wider Christian Salvesen Group, to an
                        extent which is material in the context of the wider
                        Christian Salvesen Group taken as a whole,

             and all applicable waiting and other time periods during which any
             such Relevant Authority could institute, implement or threaten any
             such action, proceeding, suit, investigation, enquiry or reference or
             otherwise intervene under the laws of any relevant jurisdiction in
             respect of the Transaction or the Scheme having expired, lapsed or
             been terminated;

(C) (excluding antitrust or merger control clearances in respect of the
    Transaction, in relation to which the Conditions set out in paragraph 2(A)
    (i) and (ii) inclusive above only shall apply) all necessary notifications,
    applications and filings having been made in all necessary jurisdictions in
    connection with the Transaction, in accordance with applicable laws and all
    statutory and regulatory obligations in connection with the Transaction in
    any material jurisdiction having been complied with and all authorisations,
    orders, grants, recognitions, consents, confirmations, clearances, licences,
    permissions and approvals ('authorisations'') required by law in any
    material jurisdiction by any member of the wider GND Group for or in respect
    of the Transaction and the proposed acquisition of any shares or securities,
    directly or indirectly, in, or control of, Christian Salvesen or any member
    of the wider Christian Salvesen Group having been obtained in terms and/or
    form reasonably satisfactory to GND from all appropriate Relevant
    Authorities or (without prejudice to the generality of the foregoing) from
    any persons or bodies with whom any member of the wider Christian Salvesen
    Group has entered into contractual arrangements in each case where the
    absence of such authorisations would have a material adverse effect on the
    wider Christian Salvesen Group taken as a whole, and such authorisations
    together with all material authorisations reasonably necessary to carry on
    the business of any member of the wider Christian Salvesen Group which is
    material remaining in full force and effect and all necessary filings for
    such purpose having been made and there being no notice or intimation of any
    intention to revoke or not to renew the same at the time at which the
    Transaction otherwise becomes effective;

(D) save as Disclosed, there being no provision of any agreement, permit, lease,
    licence or other instrument to which any member of the wider Christian
    Salvesen Group is a party or by or to which it or any of its assets may be
    bound or subject which, as a consequence of the Transaction or the
    acquisition by GND directly or indirectly of any shares in Christian
    Salvesen or because of a change in the control or management of Christian
    Salvesen or any member of the wider Christian Salvesen Group, would or might
    reasonably be expected to result in (in any such case which is material in
    the context of the wider Christian Salvesen Group taken as a whole):

    (i)    any monies borrowed by, or other indebtedness (actual or contingent)
           of, or grant available to, any member of the wider Christian Salvesen
           Group becoming repayable or capable of being declared repayable
           immediately or earlier than the stated maturity or repayment date or
           the ability of any such member of the wider Christian Salvesen Group
           to borrow moneys or incur indebtedness being or becoming capable of
           being withdrawn or inhibited;

    (ii)   any such agreement, arrangement, permit, lease, licence or other
           instrument or any right, interest, liability or obligation of any
           such member of the wider Christian Salvesen Group therein, being
           terminated or adversely modified or affected or any adverse action
           being taken or any onerous obligation or liability arising
           thereunder;

    (iii)  any mortgage, charge or other security interest being created over
           the whole or any part of the business, property or assets of any
           member of the wider Christian Salvesen Group or any such security
           becoming enforceable;

    (iv)   the value of any member of the wider Christian Salvesen Group or its
           financial or trading position being prejudiced or adversely affected;

    (v)    any assets or interests of any member of the wider Christian Salvesen
           Group being or falling to be charged or disposed of or any right
           arising under which any such asset or interest could be required to
           be disposed of or charged otherwise than in the ordinary course of
           business;

    (vi)   the rights, liabilities, obligations or interests or business of any
           member of the wider Christian Salvesen Group in or with any other
           person, firm or company (or any arrangement relating to such interest
           or business) being terminated or adversely modified or affected;

    (vii)  any member of the wider Christian Salvesen Group ceasing to be able
           to carry on business under any name under which it currently does so;
           or

    (viii) the creation of any liability, actual or contingent, by any member of
           the wider Christian Salvesen Group other than in the ordinary course
           of business,

           and no event having occurred which, under any provision of any
           arrangement, agreement, licence or other instrument to which any
           member of the wider Christian Salvesen Group is a party, would
           reasonably be expected to result in any of the events or
           circumstances as are referred to in paragraphs (D)(i) to (D)(vii) of
           this condition (D), in each case, to an extent which is material in
           the context of the wider Christian Salvesen Group taken as a whole;

(E) since 31 March 2007, save as Disclosed, no member of the Christian Salvesen
    Group having:

    (i)    (save for Christian Salvesen Shares issued pursuant to the exercise
           of options or awards granted under the Christian Salvesen Share Plans
           or as between Christian Salvesen and wholly-owned subsidiaries of
           Christian Salvesen ('Intra-Christian Salvesen Group Transactions'))
           issued or agreed to issue or authorised or proposed the issue of
           additional shares of any class or securities convertible into shares
           of any class or rights, warrants or options to subscribe for or
           acquire any such shares or convertible securities;

    (ii)   recommended, declared, paid or made or proposed to recommend,
           declare, pay or make any dividend, bonus or other distribution
           (whether payable in cash or otherwise) other than dividends lawfully
           paid to Christian Salvesen or wholly-owned subsidiaries of Christian
           Salvesen;

    (iii)  merged or demerged with or acquired any body corporate, in each case,
           other than in the ordinary course of business;

    (iv)   save for Intra-Christian Salvesen Group Transactions (other than for
           acquisition or disposals in the ordinary course of business) acquired
           or disposed of, transferred, mortgaged or charged or created any
           security interest over any asset or any right, title or interest in
           any asset (including shares and trade investments) or authorised,
           proposed or announced any intention to do so, in each case to an
           extent which is material in the context of the wider Christian
           Salvesen Group taken as a whole;

    (v)    save for Intra-Christian Salvesen Group Transactions, issued or
           authorised the issue of any debentures or made, authorised, proposed
           or announced an intention to propose any change in its share or loan
           capital which is material in the context of the wider Christian
           Salvesen Group taken as a whole;

    (vi)   entered into or varied or announced its intention to enter into or
           vary any contract, transaction or commitment or arrangement (whether
           in respect of capital expenditure or otherwise) which is of a long
           term or unusual nature or which involves or could reasonably be
           expected to involve an obligation of an unusual nature or magnitude
           which in each such case is material or which is or is reasonably
           likely to be restrictive in any material respect on the business of
           the wider Christian Salvesen Group taken as a whole or the wider GND
           Group taken as a whole (other than in any such case to an extent
           which is normal in the context of the business concerned);

    (vii)  implemented, authorised or proposed any reconstruction, amalgamation,
           scheme of arrangement or other transaction or arrangement otherwise
           than in the ordinary course of business or announced any intention to
           do so and which is material in the context of the wider Christian
           Salvesen Group taken as a whole;

    (viii) (other than in respect of a member of the Christian Salvesen Group
           which is dormant and was solvent at the relevant time) taken or
           proposed any corporate action or had any legal proceedings started or
           threatened against it for its winding-up (voluntary or otherwise),
           dissolution or reorganisation or for the appointment of a receiver,
           administrator, administrative receiver, trustee or similar officer of
           all or any of its material assets and/or revenues or any analogous
           proceedings in any jurisdiction;

    (ix)   waived or compromised any claim other than (a) in the ordinary course
           of business or (b) which is immaterial in the context of the wider
           Christian Salvesen Group taken as a whole;

    (x)    (save as disclosed in any registers available to the public) made any
           material amendment to its memorandum or articles of association;

    (xi)   purchased, redeemed or repaid or announced any proposal to redeem or
           repay any of its own shares or other securities or reduced or, save
           in respect of the matters mentioned in sub-paragraph (i), above made
           any other change to any part of its share capital;

    (xii)  been unable or admitted in writing that it is unable to pay its debts
           or having stopped or suspended (or threatened to stop or suspend)
           payment of its debts generally or ceased or threatened to cease
           carrying on all or a substantial part of its business, in any case,
           with a material adverse effect on the wider Christian Salvesen Group
           taken as a whole;

    (xiii) made or agreed or consented to any significant change to the terms of
           the trust deeds constituting the pension schemes established by any
           member of the wider Christian Salvesen Group for its directors,
           employees or their dependants or to the benefits which accrue; or to
           the pensions which are payable thereunder, or to the basis on which
           qualification for, or accrual or entitlement to; such benefits or
           pensions are calculated or determined or to the basis upon which the
           liabilities (including pensions) of such pension schemes are funded
           or valued; or

    (xiv)  entered into any contract, commitment or agreement with respect to
           any of the transactions, matters or events referred to in this
           condition (f) or announced an intention to do so;

    (xv)   sold or transferred or agreed to sell or transfer any treasury
           shares;

    (xvi)  terminated or varied the terms of any agreement or arrangement
           between any member of the wider Christian Salvesen Group and any
           other person in a manner which would or might reasonably be expected
           to have a material adverse effect on the financial position of the
           Christian Salvesen Group taken as a whole,

(F) since 31 March 2007, save as Disclosed:

    (i)   no litigation, arbitration, prosecution or other legal proceedings by
          or against any member of the wider Christian Salvesen Group or to
          which any member of the wider Christian Salvesen Group is or may
          become a party (whether as claimant, respondent or otherwise) and
          (other than as a result of the Transaction) no enquiry or
          investigation by or complaint or reference to any Relevant Authority
          having been threatened, announced, implemented or instituted or
          remaining outstanding against or in respect of any member of the wider
          Christian Salvesen Group which, in any such case, would or might
          reasonably be expected adversely to affect any member of the wider
          Christian Salvesen Group to an extent which is material in the context
          of the wider Christian Salvesen Group taken as a whole;

    (ii)  no adverse change having occurred in the business, assets, financial
          or trading position, profits of any member of the wider Christian
          Salvesen Group which in any case would be material in the context of
          the wider Christian Salvesen Group taken as a whole;

    (iii) no contingent or other liability in respect of any member of the wider
          Christian Salvesen Group having arisen or been incurred which might
          reasonably be expected to affect materially and affect adversely the
          wider Christian Salvesen Group taken as a whole; and

(G)  save as Disclosed, GND not having discovered that:

     (i)   any business, financial or other information concerning any member of
           the wider Christian Salvesen Group publicly disclosed or otherwise
           disclosed to GND or to any of its advisers at any time by or on
           behalf of any member of the Christian Salvesen Group is misleading,
           contains a misrepresentation of fact or omits to state a fact
           necessary to make the information contained therein not misleading
           and which, in any such case, is material in the context of the
           Christian Salvesen Group taken as a whole;

     (ii)  any member of the wider Christian Salvesen Group is subject to any
           liability, actual or contingent, which is material in the context of
           the Christian Salvesen Group taken as a whole;

     (iii) any past or present member of the wider Christian Salvesen Group has
           failed to comply with all applicable legislation or regulations of
           any jurisdiction with regard to the storage, disposal, discharge,
           spillage, leak or emission of any waste or hazardous substance or any
           substance likely to impair the environment or to harm human health or
           otherwise relating to environmental matters (which non-compliance
           would reasonably be likely to give rise to any liability (whether
           actual or contingent) on the part of any member of the wider
           Christian Salvesen Group which is material in the context of the
           Christian Salvesen Group taken as a whole) or that there has
           otherwise been any such disposal, discharge, spillage, leak or
           emission (whether or not the same constituted a non-compliance by any
           person with any such legislation or regulations and wherever the same
           may have taken place) which in any such case would reasonably be
           likely to give rise to any liability (whether actual or contingent)
           on the part of any member of the wider Christian Salvesen Group which
           is material in the context of the wider Christian Salvesen Group
           taken as a whole;

     (iv)  there is, or is likely to be, any liability (whether actual or
           contingent) of any past or present member of the wider Christian
           Salvesen Group to make good, repair, reinstate or clean up any
           property now owned, occupied or made use of by any past or present
           member of the wider Christian Salvesen Group or any controlled waters
           under any environmental legislation, regulation, notice, circular or
           order of any Relevant Authority or otherwise and which is material in
           the context of the wider Christian Salvesen Group taken as a whole.

 3.  Subject to the requirements of the Panel in accordance with the Code, GND
     reserves the right to waive, in whole or in part, all or any of Conditions
     2(B) to 2(G) inclusive. Conditions 1(A) to (C) cannot be waived. GND shall
     be under no obligation to waive or treat as satisfied any of such
     Conditions by a date earlier than the latest date specified above for the
     satisfaction thereof notwithstanding that the other Conditions of the
     Scheme or the Transaction may at such earlier date have been waived or
     fulfilled and that there are at such earlier date no circumstances
     indicating that any such Conditions may not be capable of fulfilment.

 4.  Save with the consent of the Panel, the Scheme will not proceed if the
     European Commission initiates proceedings under Article 6(1)(c) of the
     Merger Regulation or the Transaction is referred to the Competition
     Commission in the United Kingdom, in either case before the date on which
     the resolutions are passed at the Court Meeting (or, in the case of an
     Offer, before 3:00pm on the first closing date of the Offer or the date on
     which the Offer becomes or is declared unconditional as to acceptances,
     whichever is the later).

 5.  If GND is required to make an offer for Christian Salvesen Shares under the
     provisions of Rule 9 of the Code, GND may make such alterations to any of
     the Conditions as are necessary to comply with the provisions of that rule.

 6.  GND reserves the right to effect the Transaction by way of a takeover
     offer. In such event, the Offer will be implemented on the same terms
     (subject to appropriate amendments, including (without limitation) an
     acceptance condition set at 90 per cent. of the Christian Salvesen Shares
     to which the Offer relates (but capable of waiver on a basis consistent
     with Rule 10 of the Code), so far as applicable, as those which would apply
     to the Scheme).

 7.  The Scheme Shares will be acquired pursuant to the Transaction fully paid
     and free from all liens, charges, equitable interests, encumbrances, rights
     of pre-emption and any other rights and interests of any nature whatsoever
     and together with all rights now and hereafter attaching thereto, including
     voting rights and the rights to receive and retain in full all dividends
     and other distributions (if any) declared, made or paid on or after the
     date hereof.





                                  APPENDIX II

                               BASES AND SOURCES

 1.  Unless otherwise stated in this Announcement:
      -   Financial information relating to GND has been extracted or derived
          (without any adjustment) from the audited annual accounts for GND for
          the year ended 31 December 2006; and
      -   Financial information relating to the Christian Salvesen has been
          extracted or derived (without any adjustment) from the audited annual
          accounts for Christian Salvesen for the year ended 31 March 2007.

 2.  The value of the Transaction is calculated on the basis of the fully
     diluted number of Christian Salvesen Shares in issue referred to in
     paragraph 3 below.

 3.  The fully diluted share capital of Christian Salvesen (being 276,478,266
     Christian Salvesen Shares) is calculated on the basis of:

      -   The number of issued Christian Salvesen Shares on 1 October 2007, the
          last Business Day prior to the date of this Announcement, being
          265,358,523 Christian Salvesen Shares; and
      -   Any further Christian Salvesen Shares which may be issued on or after
          the date of this Announcement on the exercise of options or vesting of
          awards under the Christian Salvesen Share Plans, amounting in
          aggregate to 11,119,743 Christian Salvesen Shares.

 4.  The market capitalisation of GND is calculated on the basis of 9,835,693
     number of GND shares in issue and a Closing Price of €75.0 as at 1 October
     2007.

 5.  Unless otherwise stated, all prices quoted in this Announcement for shares
     are Closing Prices.



                                  APPENDIX III

                            IRREVOCABLE UNDERTAKINGS



Irrevocable undertakings to vote in favour of the resolutions to be proposed at
the Court Meeting and the General Meeting in connection with the Scheme have
been received by Hawkpoint and GND from the following persons in respect of
following interests in Christian Salvesen Shares:

Christian Salvesen Directors

Name            Number of Christian Salvesen   Percentage of issued share
                Shares                         capital (%)
                irrevocably committed

David Fish                           494,600                               0.2%
Stewart Oades                        100,000                               0.0%
Lawrence
Christensen                           10,000                               0.0%
Mark Morris                           30,000                               0.0%
Alain Poinssot                        10,000                               0.0%
Other Shareholders

Name            Number of Christian Salvesen   Percentage of issued share
                Shares                         capital (%)
                irrevocably committed

GAM
International
Management
Limited                           14,848,500                               5.6%
Andrew C.
Salvesen                           5,377,777                               2.0%
Alistair E.H.
Salvesen                          14,600,000                               5.5%
Robin Salvesen                     1,985,600                               0.7%
Northern
Finance (IOM)
Limited                           24,000,000                               9.0%
---------------               ----------------                   ---------------
        Total                     61,456,477                              23.2%




                                  APPENDIX IV

                                  DEFINITIONS


The following definitions apply throughout this Announcement unless the context
otherwise requires:

'Act'' or          the Companies Act 1985 (as amended)
'Companies Act'

'Alternative       any proposal put forward by any third party which is not
Acquisition        acting in concert with GND for (i) a merger, acquisition or
Proposal'          other business combination, scheme of arrangement, exchange
                   offer, liquidation or takeover offer involving Christian
                   Salvesen or all or substantially all of the business of the
                   Christian Salvesen Group, (ii) any proposal to acquire in any
                   manner, directly or indirectly, an equity interest of more
                   than 50 per cent. or more in any voting securities of
                   Christian Salvesen, or all or a substantial portion of the
                   assets of the Christian Salvesen Group, or (iii) any other
                   similar transaction(s), the consummation of which could
                   reasonably be expected to prevent, or materially impede,
                   interfere with or delay the implementation of the Scheme or
                   the Offer

'Announcement'     this Announcement, being made pursuant to Rule 2.5 of the
                   Code

'business day'     a day (not being a Saturday, a Sunday or a public holiday) on
                   which clearing banks in the City of London are open for the
                   transaction of general commercial business

'Cancellation      Scheme Shares other than Loan Note Elected Shares
Shares'

'Christian         Christian Salvesen PLC
Salvesen''

'Christian         the articles of association of Christian Salvesen
Salvesen
Articles''

'Christian         the directors of Christian Salvesen at the date of this
Salvesen           Announcement
Directors'' or
'Board of
Christian
Salvesen'

'Christian         Christian Salvesen and its subsidiaries and subsidiary
Salvesen Group''   undertakings from time to time and 'member of the Christian
                   Salvesen Group' shall be construed accordingly

'Christian         holders of Christian Salvesen Shares
Salvesen
Shareholders''

'Christian         participants in the Christian Salvesen Share Plans
Salvesen Share
Plan Participants'

'Christian         the Christian Salvesen Deferred Share Bonus Plan, the
Salvesen Share     Christian Salvesen Long-Term Incentive Plan 2006, the
Plans''            Christian Salvesen Approved Executive Share Option Scheme
                   1997, the Christian Salvesen Non-Approved Executive Share
                   Option Scheme 1997, the Christian Salvesen Savings-Related
                   Share Option Scheme 1997 and the Christian Salvesen Employee
                   Share Ownership Plan

'Christian         ordinary shares of 28.125 pence each in the capital of
Salvesen Shares''  Christian Salvesen

'Closing Price'    the closing middle market quotation of a share as derived
                   from the Daily Official List save that quotations for 1
                   October 2007 have been derived from the website of the London
                   Stock Exchange

'Code''            the Code on Takeovers and Mergers

'Competing         any proposal put forward by any third party which is not
Proposal'          acting in concert with GND, in respect of, or for: (i) a
                   takeover offer (whether or not subject to pre-conditions), or
                   possible offer, for the issued ordinary share capital of
                   Christian Salvesen or the sale, or possible sale, (in one
                   transaction or a series of transactions) of the whole of the
                   assets or undertaking of the Christian Salvesen Group, or any
                   part of the same which is material in the context of the
                   Christian Salvesen Group taken as a whole; (ii) a merger,
                   acquisition or other business combination, scheme of
                   arrangement, exchange offer, or liquidation involving
                   Christian Salvesen or all or substantially all of the
                   business of the Christian Salvesen Group; (iii) any proposal
                   which would, if implemented result in a change of control of
                   Christian Salvesen; (iv) any other transactions having a
                   similar effect, the consummation of which could be reasonably
                   expected to prevent, or materially impede, interfere with or
                   delay the Transaction, in each case howsoever it is proposed
                   that such offer or proposal be implemented; (v) the
                   acquisition of the voting rights attaching to 10 per cent. of
                   the Christian Salvesen Shares then in issue; or (vi) any
                   transaction by any member of the Christian Salvesen Group
                   (whether of a revenue or capital nature) that is outside the
                   ordinary course of business and material in the context of
                   the Christian Salvesen Group taken as a whole

'Conditions'       the conditions to the Transaction set out in Appendix I

'Court'            the Court of Session in Scotland

'Court Meeting'    the meeting of the Scheme Shareholders (as at the Voting
                   Record Time) that is proposed to be convened by order of the
                   Court pursuant to section 425 of the Act, notice of which
                   will be set out in the Scheme Document for the purposes of
                   considering and if thought fit, approving the Scheme,
                   including any adjournment thereof

'Court Orders'     the Reduction Court Order and the Scheme Court Order

'CREST''           the relevant system (as defined in the CREST Regulations) in
                   respect of which Euroclear UK & Ireland Limited is the
                   Operator (as defined in the CREST Regulations) in accordance
                   with which listed securities may be held and transferred in
                   uncertificated form

''CREST            the Uncertificated Securities Regulations 2001 (SI 2001 No.
Regulations''      3755) as amended from time to time

'Daily Official    the Daily Official List of the London Stock Exchange
List''

'Disclosed'        means (i) as disclosed in Christian Salvesen's report and
                   accounts for the year ended 31 March 2007; (ii) as publicly
                   announced by Christian Salvesen (by the delivery of an
                   announcement to an authorised Regulatory Information Service
                   on or prior to 1 October 2007; (iii) as disclosed in this
                   Announcement; or (iv) as otherwise fairly disclosed (with
                   sufficient details to identify the nature and scope of the
                   matter disclosed) to GND or its advisers by or on behalf of
                   Christian Salvesen prior to 2 October 2007 in the context of
                   the Transaction

'Effective Date'   the date on which (i) the Scheme becomes effective by
                   registration of the Court Orders and the minute relating to
                   the Reduction of Capital by the Registrar of Companies and
                   issue by the Registrar of Companies of a certificate under
                   section 138 of the Companies Act in relation to the reduction
                   of share capital associated with the Scheme; or (ii) if GND
                   elects to implement the Transaction by way of the Offer, such
                   Offer becoming or being declared unconditional in all
                   respects in accordance with the requirements of the Code

'General Meeting'  the general meeting of Christian Salvesen that is proposed to
                   be convened in connection with the Scheme and the Reduction
                   of Capital, notice of which will be set out in the Scheme
                   Document, including any adjournment thereof

'GND'              Groupe Norbert Dentressangle S.A.

'GND Directors' or the directors of GND at the date of this Announcement
'Board of GND'

'GND Group'        GND and its subsidiaries and subsidiary undertakings from
                   time to time and 'member of the GND Group' shall be construed
                   accordingly

'Hawkpoint'        Hawkpoint Partners Limited of 41 Lothbury, London EC2R 7AE

'Implementation    the agreement between GND and Christian Salvesen dated 2
Agreement'         October 2007 relating to, amongst other things, the
                   implementation of the Scheme, further details of which are
                   set out in paragraph 13 of this Announcement

'in uncertificated in relation to a share or other security, which is recorded
form''             on the register of shareholders of Christian Salvesen as
                   being held in uncertificated form (that is, in CREST) and
                   title to which, by virtue of the CREST Regulations, may be
                   transferred by means of CREST

'Loan Note         the alternative intended to be made available under the
Alternative'       Scheme whereby Christian Salvesen Shareholders (other than
                   Restricted Overseas Persons) may elect, subject to certain
                   limitations and conditions, to receive Loan Notes instead of
                   all or part of the cash consideration to which they would
                   otherwise be entitled pursuant to the Scheme

'Loan Note Elected Scheme Shares (if any) in respect of which valid elections
Shares'            have been made under the Loan Note Alternative in accordance
                   with its terms

'Loan Notes'       the loan notes issued by GND pursuant to the Loan Note
                   Alternative

'London Stock      London Stock Exchange plc
Exchange''

'Offer''           should GND elect to effect the Transaction by way of a
                   takeover offer, the offer to be made by or on behalf of GND
                   for all of the Christian Salvesen Shares on the terms and
                   subject to the conditions to be set out in the related offer
                   document and form of acceptance including, where the context
                   requires, any subsequent revision, variation, extension or
                   renewal thereof

'Panel''           the Panel on Takeovers and Mergers

'pounds', '£' or   the lawful currency of the United Kingdom
'pence'

'Reduction Court   the order of the Court confirming the Reduction of Capital
Order'

'Reduction         the hearing by the Court of the petition to confirm the
Hearing'           reduction of share capital of Christian Salvesen under
                   section 137 of the Companies Act provided for by the Scheme,
                   at which the Reduction Court Order is expected to be granted

'Reduction of      the reduction of the share capital of Christian Salvesen
Capital'           under section 137 of the Companies Act by the cancellation of
                   the Scheme Shares, to be effected as part of the Scheme

'Registrar of      the Registrar of Companies in Scotland
Companies'

'Regulatory        any channel recognised as a channel for the dissemination of
Information        regulatory information by listed companies as defined in the
Service'           Listing Rules published by the Financial Services Authority

'Resolution'       the special resolution to approve, amongst other things, the
                   alteration of Christian Salvesen Articles and such other
                   matters as may be necessary to implement the Scheme and the
                   de-listing of Christian Salvesen Shares

'Restricted        (i) a person who is in, or resident in, the United States,
Overseas Persons'  Australia, Canada or Japan;

                   (ii) any person whom GND believes to be in, or resident in,
                   the United States, Australia, Canada or Japan;

                   (iii) any custodian, nominee or trustee holding Christian
                   Salvesen Shares for persons in, or resident in, the United
                   States, Australia, Canada or Japan; and

                   (iv) persons in any other jurisdiction who GND determines
                   should be ineligible to apply for the Loan Note Alternative
                   because of any prohibition or restriction or the need to
                   comply with any governmental or other consent or any
                   registration, filing or other formality unless such person
                   can satisfy GND (in GND's absolute discretion) that to comply
                   with such consent, registration, filing or other formality
                   would not be unduly onerous,
                   and for the purposes of this definition, 'person' includes an
                   individual, corporation, partnership, unincorporated
                   syndicate, limited liability company, unincorporated
                   organisation, trust, trustee, executor, administrator or
                   other legal representative

''Scheme'          the scheme of arrangement proposed to be made under section
                   425 of the Act between Christian Salvesen and Christian
                   Salvesen Shareholders, incorporating the Reduction of
                   Capital, to be set out in full in the Scheme Document, with
                   or subject to any modification, addition or condition
                   approved or imposed by the Court

''Scheme Court     the order of the Court sanctioning the Scheme pursuant to
Order''            section 425 of the Companies Act

''Scheme           the circular in respect of the Scheme to be despatched to
Document''         Christian Salvesen Shareholders and others, setting out
                   amongst other things, the full terms and conditions to
                   implementation of the Scheme as well as the Scheme itself and
                   the notice of meeting of each of the Court Meeting and the
                   General Meeting

''Scheme Hearing'' the hearing by the Court of the petition to sanction the
                   Scheme, at which the Scheme Court Order is expected to be
                   granted

''Scheme Record    6:00 pm (London time) on the day immediately before the date
Time'              of the Reduction Hearing

''Scheme           holders of Scheme Shares
Shareholders''

''Scheme Shares'   all Christian Salvesen Shares which are:

                   (a) in issue at the date of the Scheme Document;

                   (b) (if any) issued after the date of the Scheme Document and
                   before the Voting Record Time; or

                   (c) (if any) issued on or after the Voting Record Time and
                   before the Scheme Record Time, on terms that the holder
                   thereof shall be bound by the Scheme, or in respect of which
                   the original or any subsequent holder thereof agrees in
                   writing to be bound by the Scheme,
                   but excluding any Christian Salvesen Shares held by GND or
                   any member of the GND Group, or by Christian Salvesen in
                   treasury (unless Christian Salvesen and GND agree otherwise)

'Transaction'      the acquisition of the entire issued and to be issued share
                   capital of Christian Salvesen proposed to be effected by way
                   of the Scheme (or, should GND so elect by way of the Offer)

'UBS'' or 'UBS     UBS Limited
Investment Bank'

'United Kingdom''  the United Kingdom of Great Britain and Northern Ireland

'United States' or the United States of America, its territories and
'US'               possessions, any state of the United States of America (and
                   the District of Columbia) and all other areas subject to its
                   jurisdiction

'US Securities     the US Securities Act of 1933, as amended
Act'

'wider Christian   means Christian Salvesen, its subsidiaries, subsidiary
Salvesen Group''   undertakings and associated undertakings and any other body
                   corporate, partnership, joint venture or person in which any
                   member or members of the Christian Salvesen Group
                   (aggregating their interests) have an interest (direct or
                   indirect) in 20 per cent. or more of the voting or equity
                   capital (or the equivalent)

'wider GND Group'' means GND, its subsidiaries, subsidiary undertakings and
                   associated undertakings and any other body corporate,
                   partnership, joint venture or person in which any member or
                   members of the GND Group (aggregating their interests) have
                   an interest (direct or indirect) in 20 per cent. or more of
                   the voting or equity capital (or the equivalent)

'Voting Record     the time and date specified in the Scheme Document by
Time''             reference to which entitlement to vote on the Scheme will be
                   determined, expected to be 6.00 p.m. (London time) on the day
                   which is two days before the date of the Court Meeting or, if
                   the Court Meeting is adjourned, 6.00 p.m. on the day which is
                   two days before the date of such adjourned Court Meeting

Save where otherwise stated, for the purpose of this Announcement,
'subsidiary'', 'subsidiary undertaking'', 'associated undertaking'' and
'undertaking'' shall be construed in accordance with the Act (but for this
purpose ignoring paragraph 20(1)(b) of Schedule 4A of the Act).

In this Announcement, the singular includes the plural and vice versa, unless
the context otherwise requires.

All references in this Announcement to time are to London time.

All references to legislation in this Announcement are to United Kingdom
legislation unless the contrary is stated. Any references to any provision of
any legislation shall include any amendment, re-enactment or extension thereof.



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