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Boskalis Reduces Fugro Holding to 9.38%

Source: www.gulfoilandgas.com 12/13/2016, Location: Europe

Royal Boskalis Westminster N.V. (Boskalis) has reduced its holding in Fugro N.V. (Fugro) to 9.38%. The reduction was accomplished through a successful accelerated bookbuild via which 12,685,878 (15%) certificates of shares in Fugro (the Shares) were placed with institutional investors at EUR 14.50 per share. The bookbuild commenced on Monday 12 December after closing of Euronext Amsterdam.

Peter Berdowski, CEO Boskalis:

"During the presentation of the half year results, we indicated that we would reconsider our position in Fugro. Despite our conviction that parts of Fugro fit very well with Boskalis, we recently decided to sell down our Fugro holding in steps. This decision is on the one hand based on the uncertain market conditions which continue to prevail much longer than anticipated and on the other hand also the position of the Fugro management. Through the gradual sell down we have taken away uncertainty in our own share and we expect to create more value for our shareholders going forward."

In relation to this transaction, Boskalis agreed to a 90 days lock-up period during which it may not dispose of Shares in Fugro, subject to the agreement with the Joint Bookrunners. Kempen & Co and Goldman Sachs acted as Joint Bookrunners for this transaction.

This announcement does not constitute an offer of, or the solicitation of an offer to subscribe for or purchase any securities to any person in any jurisdiction to whom it is unlawful to make such offer or solicitation in such jurisdiction. The Shares have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "US Securities Act"). The Shares may not be offered or sold in the United States, except to qualified institutional buyers (QIBs), as defined in, and in reliance on, the exemption from the registration requirements of the US Securities Act provided in Rule 144A thereunder (Rule 144A) or another exemption from, or in a transaction not subject to, the registration requirements of the US Securities Act. No action has been taken to allow a public offering of the Shares in the United States.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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