Dredging company Boskalis has withdrawn its hostile bid for maritime services group Smit International, the company announced on Thursday.

Boskalis has been in negotiations with Smit International since September 2008 about how the group should be broken up but received no support for its plans from Smit’s management and commissioners.
The dredging company also said in its statement that a hostile bid is irresponsible in the current financial markets.
Boskalis offered €62.50 a share for Smit in September.