Zaandam, The Netherlands, July 12, 2004 - Ahold today announced that it has received a notice from Canica AS ("Canica"), its joint venture partner in the Scandinavian joint venture ICA AB, that Canica has exercised its put option with respect to its 20% interest in ICA AB. Canica has given a price indication of SEK 10.1 billion (approximately EUR 1.1 billion). Ahold does not agree that this is the correct price level.
According to the Shareholders' Agreement among Ahold, Canica and the third joint venture partner, ICA Förbundet Invest AB ("ICA Förbundet"), Ahold is obliged to buy the shares now offered by Canica. The price for the shares will be determined by mutual agreement between Ahold and Canica. If Ahold and Canica cannot reach agreement on such price within 21 days after receipt by Ahold of the put notice, the valuation procedure pursuant to the Shareholders' Agreement will be followed. According to the valuation procedure, the price for the shares will be equal to 20% of the Revised Equity Value of ICA AB plus a premium. The Revised Equity Value of ICA AB is the fair market value of its shares (as if ICA AB was listed on the Stockholm Stock Exchange, not including any control premium) at the time of exercise. The size of the premium is at this time the subject of a pending arbitration proceeding among Ahold, Canica and ICA Förbundet.
As soon as the price for the shares offered by Canica has been established, Ahold will issue a further press release. Ahold intends to finance the share transaction with available cash.
