Quadrant Ruled to Have Been Correctly Acquired by Aquamit

          Quadrant Ruled to Have Been Correctly Acquired by Aquamit

  PR Newswire

  AMSTERDAM and ZURICH, December 13, 2012

AMSTERDAM and ZURICH, December 13, 2012 /PRNewswire/ --

- Swiss Takeover Board (TOB) confirms correctness of Quadrant offer price;
Sarasin Investmentfonds AG (now part of the Safra Group) defeated in
long-standing legal dispute

The Swiss Takeover Board (TOB) issued an order today reaffirming the
correctness of the public tender offer made by Aquamit B.V. for Quadrant AG in
2009. The TOB confirms in its order that the offer price paid to minority
shareholder Sarasin Investmentfonds AG complied with all the relevant legal
requirements. Sarasin (which is now part of the Safra Group controlled by
Joseph Y. Safra) held 2% of Quadrant's shares at the time of the public tender
offer and is defeated in a long-standing legal dispute lasting over three

Independent review body  also confirm correctness of Quadrant offer price

The TOB's ruling of today is based on an extensive study by Kepler Capital
Markets, a further FINMA-approved independent review body. Kepler Capital
Markets performed a detailed evaluation of the nature and content of all the
ancillary services provided at the Aquamit level at the time of the Quadrant
acquisition. After assessing in detail and comparing all such services
provided by Aquamit, Quadrant's management and Mitsubishi Plastics, the review
body came to the same conclusion in its report as Deloitte (Switzerland), the
first such review body, had in 2009. Based on this, the Swiss Takeover Board
(TOB) has confirmed today that the relevant pricing rules under Swiss takeover
law were complied with in full.

Swiss Takeover Board confirms correctness of offer price

In its order of 13 December 2012, the Swiss Takeover Board (TOB) determines
"that the offer price offered by Aquamit B.V. in the public tender offer to
the shareholders of Quadrant AG in the amount of CHF 86.00 complied with the
minimum price rules". The Swiss Takeover Board (TOB) rejected an increase of
the offer price and all further requests of Sarasin Investmentfonds AG. In
today's order, a fee of CHF 121,350 will be imposed on Sarasin Investmentfonds
AG as the defeated party (while Aquamit as offeror must pay a fee of CHF

Legal defeat for Sarasin being part of the Safra Group

Sarasin Investmentfonds AG has lodged a series of objections and appeals over
the past few years with the aim of securing further payments for its former
Quadrant holding in addition to the purchase price paid. It has done so
despite (like all further minority shareholders) having voluntarily tendered
its Quadrant shares for purchase at the time of the takeover offer. The Swiss
Takeover Board (TOB) reiterates in its order today that the offer submitted by
Aquamit B.V. complied with all the relevant legal requirements. The subsequent
complaints and objections have proved extremely costly and time-consuming for
both parties, and resulted in a protracted legal dispute over a successful and
properly-conducted acquisition.

Sarasin Investmentfonds AG, which is domiciled in Basel, Switzerland, has the
possibility to appeal the Swiss Takeover Board's (TOB) order to FINMA within 5
trading days.

Note to editors:

  *Aquamit B.V., which is domiciled in Amsterdam (the Netherlands), owns 100%
    of Quadrant AG. Aquamit is jointly owned (50% each) by Mitsubishi Plastics
    Inc. and the founders of Quadrant AG.
  *Mitsubishi Plastics Inc. is part of the Mitsubishi Chemical Holdings

Further information: Aquamit B.V. (Netherlands) Media Relations Switzerland
Brandschenkestrasse 150 CH-8002 Zurich Phone: +41/43/544-17-44 Mobile:
+41/79/357-03-57 Email: klaus@klaus-metzler-eckmann.com
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