Royal Boskalis Westminster N.V. (Boskalis) has announced that it 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 were placed with institutional investors at € 14.50 per share.
The bookbuild commenced on Monday 12 December after closing of Euronext Amsterdam. During the presentation of the half year results, Peter Berdowski, CEO Boskalis, indicated that they would reconsider their position in Fugro. Despite their conviction that parts of Fugro fit very well with Boskalis, they recently decided to sell down their 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. 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.