Boskalis has sold all of its remaining shares in Fugro on 28 February by placing the last 9.38% of shares with institutional investors at EUR 14.50 per share.
In December 2016, Boskalis cut its stake in Fugro from 24.9% to 9.38% and entered into a 90-day lock-up period during which it could have not disposed of shares in Fugro, subject to the agreement with the Joint Bookrunners, Kempen & Co and Goldman Sachs.
As of 2014 , Boskalis had been gradually increasing its stake in Fugro and reported it held 28.6% of Fugro’s shares at the end of 2015. The Dutch dredging, maritime and offshore company said that Fugro is “an interesting company with strong market positions in its core activities” and that its activities fit very well with the focus of Boskalis’ business strategy. However, Fugro denied that amount of similarity between the two businesses.
However, from December 2016, Boskalis started decreasing its shareholding 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,” Boskalis CEO Peter Berdowski said in December.
The two companies entered a legal dispute in March 2015, after Boskalis increased its holding in Fugro to more than 25% and wanted to have a shareholders’ vote on one of Fugro’s measures protecting it from a hostile takeover. The District Court of The Hague then ruled in favour of Fugro. In May 2016, the dispute ended with the Court of Appeal in The Hague also dismissing Boskalis’ claim and ruling in favour of Fugro.
Offshore WIND Staff