HBG, Hollandsche Beton Groep nv, confirms that Ballast Nedam has requested the Group to transfer the two-thirds interest of HBG in Ballast Ham Dredging bv to Ballast Nedam. Ballast Nedam has thereby invoked the Â'change of controlÂ' clause of the agreement between Ballast Nedam and HBG regarding Ballast Ham Dredging.
That clause provides that, in the event HBG is taken over by a third party and it must be reasonably expected that such take-over will have a negative impact on the position of Ballast HAM Dredging as an independent party on the international dredging market, Ballast Nedam may request that HBG transfers its interest to Ballast Nedam. HBG has the same right in the event that Ballast Nedam is taken over by a third party.
HBG denies that the position of Ballast Ham Dredging as an independent party on the international dredging market will be negatively influenced by the take-over of HBG by Dragados. Neither is there such negative impact by the transfer of approximately 23 percent of the shares of Dragados by Banco Santander Central Hispano to ACS.
HBG shall therefore not cooperate towards a transfer of the two-thirds interest which the Group holds in Ballast Ham Dredging bv.