VINCI increases interest in Autoroutes du Sud de la France to 22.7%

Furthermore, based on its commitment to limit its holding as defined in the agreement, VINCI has today unwound the hedge position it took at the end of 2003 in the form of an equity swap involving 4.2% of ASF’s capital.

The latter transaction will lead to net exceptional income (after tax) of €60 million in VINCI’s 2004 financial statements.

VINCI has agreed not to increase its interest in ASF to more than 23% before 31 December 2007 except if:

- the Government’s interest drops to below 50%
- a third party acquires an interest of more than 10%
- a third party launches a takeover bid for ASF