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12 September 2002
Ballast Nedam intends to exercise put option: HBG to acquire Ballast Nedam's
interest in BHD
Press Release by Hollandsche Beton Groep, nv
Rijswijk, the Netherlands - HBG, Hollandsche Beton Groep nv, is to acquire
the one-third interest of Ballast Nedam nv in the jointly owned dredging
company Ballast Ham Dredging following Ballast Nedam's intention to exercise
its put option. HBG already owns two-thirds of the shares of BHD. The
transaction price amounts to EUR 210 million, payable in three months
which HBG will fund from its own resources and credit lines.
HBG welcomes the opportunity to acquire full ownership of the dredging
activities. Dredging, due to its high entry barriers, is likely to show
large and stable margins in the future. This transaction will significantly
enhance the overall profitability of HBG and improve its cash flow and
EPS.
It is expected that HBG will be taken over by Royal BAM NBM next October
following the NMa approval, once the European competition authority has
referred the file to the Netherlands partially. Royal BAM NBM reached
an agreement on this acquisition, which at present is only subject to
the mentioned approval, with the Spanish construction group Grupo Dragados
SA, the present owner of HBG.
For further information: Arno C. Pronk, HBG Public Relations, telephone
+31 [0]70 3722121.
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