End of joint venture

The German joint venture Obi@Otto is coming to an end. Otto, the mail order group, is taking over Obi's shares in their entirety with effect from 1 October 2006. The decision is explained by differing ideas about the strategic orientation of Obi@Otto and of the future multi-channel activities in the DIY business of the two commercial houses. The company will be renamed on 1 March 2007. Obi intends to orientate its multi-channel activities more strongly towards the range of products in its stores.