Smit: no more talks on takeover by Boskalis

Port services group Smit International has not discussed a takeover by dredging concern Boskalis since December, reports the Financieele Dagblad on Thursday.

The comment came during the presentation of the company’s half year results, says the paper. Smit CEO Ben Vree said although there is contact with Boskalis, which has a 25% stake in the company, there are no on-going talks about a takeover.
In September last year Boskalis made a bid to take over Smit for over €1.1bn. The offer was rejected as too low by Smit. Boskalis has continued to express its interest but Smit has declined invitations to negotiate, reports the FD.
Smit announced net profit of almost €52m in the first half of 2009 (including a one-off €10m windfall), up from nearly €48m a year earlier.
Vree said the company has been hit by the recession but that none of its long-term contracts have been cancelled.

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