Acquisition of shares in Elsam (DK) by DONG (DK) — DKK 3.2 billion

Carnegie acted as adviser to DONG in the acquisitions of shares in Elsam. DONG increased in 2004 its ownership from 3 per cent to 22 per cent in Elsam. Dong is a leading energy company in Denmark, with business activities in exploration, production, trade in oil and natural gas, distribution and storage of gas and production of renewable energy.2004.