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    Managers to take control at IHC Caland yards

    Yard News // January 7, 2005
    Fairplay (www.fairplay.co.uk) reports that an agreement has finally been reached on the future of IHC Caland's two shipyards, dredger builder IHC Holland and Merwede shipyard.

    FAirplay said the managers at the shipyards, with support from Rabo Bank investment vehicle Rabo Participaties, will launch a management buy-out that will leave IHC Caland temporarily retaining an 18 per cent stake but with no further liability. The transaction will result in total net proceeds close to zero.

    Approval for the deal is still required from the shipyards' works councils, IHC Caland shareholders and competition authorities, but completion is expected early in February 2005.

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