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HBG agrees terms with Boskalis

News

DUTCH DREDGING contractor Royal Boskalis this week persuaded contracting giant HBG to accept merger terms after convincing it that it would retain its contracting operations within the new group.

Fears over the future of the contracting division - which includes British civils contractor Nuttall - had led to the rejection of a takeover bid from Boskalis in March, said HBG chairman Jan Veraart (NCE 2 March).

He said he was convinced that the contracting arm would not be sold off. 'We were concerned about the disposal of the construction business. We felt that the deal couldn't be done without disposing of parts of the construction arm of HBG,' said Veraart.

HBG employs 22,000 and last year made pretax profits of £104.6M on turnover of £2.8bn. Boskalis is smaller and its pretax profits last year were £66.4M on turnover of £487M.

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