The Executive Board of Royal BAM NBM has taken cognisance of the advice of the Minister of Economic Affairs concerning his request to the European Commission to allow the clearance of the proposed takeover of Hollandsche Beton Groep nv (HBG) to be dealt with by the Netherlands Competition Authority (NMa).
The submission of this request will mean a delay in obtaining clearance until at least the end of August. If the European Commission accedes to the request, there will be an additional delay of at least one month. Completion of the transaction relating to HBG was originally planned for the middle of August 2002.
The Royal BAM NBM Executive Board also announces that the central works councils of both Royal BAM NBM and HBG have recommended in favour of the transaction. The Royal BAM NBM Executive Board regrets the delay but has every confidence in the outcome of the competition authoritiesÂ'Â' procedure.
(source: BAM NBM)
