Merger of Hiestand and IAWS approved

The Swiss takeover board has approved the method chosen by Hiestand Holding AG and the Irish company IAWS group merge the two companies, subject to approval by the respective general meetings of Hiestand and IAWS.

In a statement it said that from its (the takeover board's) point of view all the relevant conditions and criteria had been met, meaning that the combination between Hiestand Holding AG and IAWS could go ahead as planned. From the Swiss perspective all the formal requirements for the combination of Hiestand and IAWS under the umbrella of Swiss-based Aryzta AG have therefore been fulfilled.

IAWS's extraordinary general meeting of shareholders takes place on July 24 2008.

Hiestand's board of directors will recommend to shareholders that they approve the merger with Aryzta at the extraordinary general meeting on August 19.