Royal Boskalis Westminster N.V. has reduced its holding in Fugro NV to 9.38 per cent, both due to consisting poor market conditions and to the position Fugro's management, which has resisted a takeover by Boskalis for some time now.
The reduction was accomplished through a successful accelerated bookbuild via which 12,685,878 (15%) 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. This means Boskalis will no longer try to take over Fugro.
Peter Berdowski, CEO Boskalis: '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 the position of the Fugro management.'
