Bitumina Industries Ltd ("Bitumina") announced today that it has bought 50%* 
percent of the outstanding share capital in Nynas AB from Neste AB, which will 
make BITUMINA Industries Ltd the single largest shareholder in Nynas AB.

Nynas is a global leader in naphthenic specialty oils and a premier bitumen 
partner in Europe. It has four refineries: Harburg in Germany, Nynäshamn and 
Gothenburg in Sweden and Eastham in the UK. Eastham is a joint venture with 
Shell.

Bernd Schmidt, Executive Chairman of Bitumina commented: "We take great pride 
to have been able to acquire the shares in Nynas from Neste and are certain 
that this step will pave the way for a successful future of Nynas and all of 
its stakeholders." 

Nynas is a natural expansion of Bitumina's portfolio and will ensure the group 
takes a top position in European bitumen markets complementing the already 
strong presence in Latin America. The acquisition is in line with Bitumina's 
successful vertical integration of products and services offered to global 
clients.

The Bitumina Group is a global vertically integrated specialty Bitumen company, 
also involved through its fully owned Danish subsidiary DenimoTech A/S in the 
Production and Engineering of Bitumen process plants. Bitumina is an offspring 
of a German Asphalt Family and is today run by the third generation and has 
expanded its business successfully on a global scale, being a disruptor in the 
markets it operates in. 

Nynas is currently in an ongoing reorganization process and BITUMINA is engaged 
with all major stakeholders to reach a voluntary composition agreement and has 
for this purpose substantial financial backing to be able to execute a timely 
deal. 

AXIS Strategic Partners with its team of professional bankers together with law 
firms ReedSmith LLP in the UK and DELPHI in Sweden are advising BITUMINA on the 
transaction.

*number rounded to ones

Source: Bitumina Industries Ltd