International building group Renaissance Construction has made a €30m offer for troubled Dutch company Ballast Nedam.

Renaissance is offering €1.55 a share for the Dutch firm, which is in financial difficulty after making heavy losses on several construction projects.

The bid, which is supported by both Ballast Nedam’s boards, includes a 29% premium on the company’s May 18 share price, when talks between the two companies started, they said in a joint statement.

If the takeover is successful, Ballast Nedam will remain an independent company within the group and will retain its name and head office. The company has also pledged to ‘respect’ the company’s current pay and conditions agreements.

Ballast Nedam posted a loss of €103m in 2014, more than double its 2013 loss of €41m.

The company has been hit hard by three major infrastructure projects: expanding the A15 motorway in Rotterdam port, sinking the A2 underground in Maastricht and a public transport project in Breda.

Renaissance Construction was founded in St Petersburg in 1993 and has a workforce of over 30,000 in 20 countries. Its home markets are Russia and Turkey.