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February 21, 1999


By CBR Staff Writer

Software AG, the German enterprise systems software provider, is to seek an initial public offering on the Frankfurt Stock Exchange in a move which will value the company at around $1.4bn. The company will sell 15 million shares – half of its outstanding stock – of which 12 million are owned by a foundation controlled by founder Peter Schnell, with the remaining 3 million coming from a capital increase. SAG hopes to raise at least DM1bn ($572), and will use the proceeds to buy hot internet companies and make stock-swap deals with US firms, thereby repositioning the firm as an internet applications provider. If the offering is over-subscribed, SAG intends to increase the price of the shares by 15%. Lehman Brothers is the bookrunner and global coordinator for the deal.

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