Boskalis reduces Fugro holding 9.38 per centCompany News // December 13, 2016
Dutch dredging, marine, offshore and heavy lift contractor Royal Boskalis Westminster has reduced its holding in Fugro NV to 9.38 per cent.
The reduction was accomplished through a successful accelerated bookbuild via which 12,685,878 (15 per cent) certificates of shares in Fugro were placed with institutional investors at EUR 14.50 per share. The bookbuild commenced on Monday 12 December after closing of Euronext Amsterdam.
Peter Berdowski, CEO of Boskalis, said: "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."