takeover approaches, page-5

Following is a rough valulation what AZA should be worth according to the latest deal with ITOCHU.

AZA shares 370 million

Cash in bank = 34 million
10% sale BMG to ITOCHU =123 million
NXS share holding 12.1% = 117 million
BMG value according to leatest deal =$492 million

Debt outstanding =111 million

Total value $766 million or $1.77 per share.

So according to the latest deal and the high oil prices we should still have considerable upside for the share price.

good luck

jojo