Public offer for Eurocom Industries A/S (DK) by Thrane & Thrane A/S (DK) — DKK 241 million

Carnegie acted as adviser to Thrane & Thrane, in i) the acquisition of a 88.6 per cent stake in listed Danish marine communication technology company EuroCom Industries A/S, from Rheinmetall AG and ii) the subsequent mandatory public offer for EuroCom’s remaining shares. Thrane & Thrane is the world’s leading manufacturer of terminals and land earth stations for global mobile satellite communications. May & June, 2004.