Dredger Boskalis to take over Smit

Dredging company Boskalis has made a €60 a share offer for maritime services group Smit. The takeover, described as a merger, has the backing of a group of Smit shareholders who control 44% of the company, news agency ANP said.

‘Combining our companies creates a Dutch maritime player of a global scale. The merger fits excellently with our strategy aimed at reinforcing and expanding our maritime services,’ said Peter Berdowski, Boskalis CEO in a statement.
The scheme is also backed by Smit’s CEO Ben Vree who last year rejected takeover attempts by Boskalis, including a €1.1bn offer.
According to the Financieele Dagblad Boskalis has built up a 25% stake in Smit since those talks broke down in December.
Analyst Edwin de Jong from SNS Securities told the paper Boskalis’ commitment to maintain current Smit strategy and the board job for Vree could be behind the change of heart.

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