Turkish building group Renaissance Construction has slashed its offer for troubled company Ballast Nedam after the Dutch firm said its losses would be €20m higher than expected.
Renaissance offered €1.55 a share for the Dutch firm in July but has now dropped this to just €0.30.
The extra losses affect the building and development unit which has been hit by three bankruptcies among suppliers and partners, including Imtech.
The original bid was supported by both Ballast Nedam’s boards.
In the meantime, Renaissance founder Erman Ilicak is said to have 25% of the company’s shares
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.
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