The Board of Management has been informed, that the German construction group Hochtief has reached agreement in principle to sell its 48% share in Ballast Nedam NV to TCN Property Projects BV and Wedge International Holdings BV. Each party will acquire 24%. Hochtief was a shareholder for ten years.
The Board of Management and the Supervisory Board of Ballast Nedam wish to express their appreciation for the constructive role that Hochtief played during that period as shareholder. Both companies have voiced their intention to continue to co-operate on projects.
The Board of Management and the Supervisory Board of Ballast Nedam hereby welcome TCN and Wedge as new shareholders. It offers opportunities for an intensified co-operation between TCN and Ballast Nedam and this fits well within the strategy of Ballast Nedam to strengthen itself on the 'front and the back end' of the life cycles of projects. This namely concerns project development, services, maintenance and operation of properties. Wedge is joining in the role of investor, as was already the case (1978