Boskalis, Fugro
Photo: Fugro
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Partly due to uncertain market conditions,[ds_preview] Royal Boskalis Westminster has reduced its holding in Fugro to 9.38%. The reduction was accomplished through an accelerated bookbuild via which 12,685,878 (15%) certificates of shares in Fugro were placed with institutional investors at 14.50 € per share.

The bookbuild commenced on Monday 12 December after closing of Euronext Amsterdam, Boskalis informed.

Peter Berdowski, CEO of Boskalis, commented: »During the presentation of the half year results, we indicated that we would reconsider our position in Fugro. Despite our conviction that parts of Fugro fit very well with Boskalis, we recently decided to sell down our Fugro holding in steps. This decision is on the one hand based on the uncertain market conditions which continue to prevail much longer than anticipated and on the other hand also the position of the Fugro management. Through the gradual sell down we have taken away uncertainty in our own share and we expect to create more value for our shareholders going forward.«

In relation to this transaction, Boskalis agreed to a 90 days lock-up period during which it may not dispose of Shares in Fugro, subject to the agreement with the Joint Bookrunners, the company stated. Kempen & Co and Goldman Sachs acted as Joint Bookrunners for the transaction.

Earlier this month, Boskalis had already announced the sale of its stake in SMIT Amandla Marine (SAM), a move that had already been announced in March 2016. The stake was sold to management and local investors, thereby returning the business of SAM to 100% South African ownership. In summer, the company also had to report a decreased net profit for the first six months of the year.