German business magazine Handelsblatt had claimed that RWE would sell its stake to the investor by the end of 2003, and that a secondary initial public offering (IPO) of shares would not be successful.

It claimed that RWE was looking to raise at least 920m (1.5bn) from the sale and also said that institutional investors Allianz and Commerzbank were looking to sell their stakes, amounting to 28%. The other 22% is in a free float. And it said Heidelberg could be split into different parts.

But Schreier told the Ipex Daily that he wanted to "reassure" the groups staff and customers that there was no truth in the rumours: "Why would somebody pay only 1.5bn for something that is worth 2.2bn at todays share value, and were a profitable company, the most profitable company in our industry. Why should a sale accept less money?

"Heidelberg is a company thats a one-customer company. We dont have divisions like in a conglomerate, making bicycles or cereals etc. We have four divisions who sell their products through one channel. Our strength is our product portfolio and one-channel approach."

A secondary IPO would be successful, he said. "Heidelberg has the largest coverage of investment banks in our industry. Theres a lot of interest in our shares all over the world. Out of 22 global investment banks 15 are placing us for buy, four for hold and three for sell. The last offer of 6% of RWEs stake proved there was a large multiple."

Earlier this week Schreier stated that Heidelbergs preferred exit route for RWE would be a free float of shares. "To have a free float of more than 50% in Heidelberg has been the wish for us ever since we went public. If (RWEs decision) goes in the right direction it will be heaven on earth for us."

Schreier also said he "appreciated" the comments of Xerox chairman and chief executive Anne Mulcahy, who made her groups intentions clear by stating that Xerox wouldnt be interested in buying Heidelberg because it was mainly an offset supplier, not digital.

And as for other potential buyers, he added: "Our competitors in offset have no money, and were the market leader. Nobody can buy the world market leader in offset without conflict in anti-trust regulations."

Schreier felt that Handelsblatts article had been prompted by a statement from RWE two weeks ago that it would sell its stake by the end of 2003. "They (RWE) are under constant pressure from their analysts to finalise their route out of any non-core businesses. Their core is energy, water, environment and gas."

Heidelbergs sales and profits are in line with Schreiers predictions of last October. Turnover will be around 5bn and profits will be 200m. The group announces its preliminary results for the year on 13 May.