7. Changes of control and defensive measures

7.1 Duty to make an offer

The Articles of Association contain no opting out or opting up clauses. Consequently, Art. 135 FMIA applies, meaning that a shareholder who directly, indirectly or acting in concert with third parties, acquires equity securities of Implenia which, added to equity securities already owned, exceed the threshold of 33 ¹⁄3% of the company’s voting rights, must make an offer to acquire all listed equity securities of the company.

7.2 Change of control clause

No agreements relating to change of control have been made with the Members of the Board of Directors, the Members of the Group Executive Board or other executives.