Koninklijke BAM NBM nv (Royal BAM NBM) and Grupo Dragados S.A. have signed the agreement for the transfer of all the shares of Hollandsche Beton Groep (HBG) held by Grupo Dragados to Royal BAM NBM. The purchase price of EUR 710 million has been paid in cash.
It was reported on 25 October 2002 that the Netherlands Competition Authority (NMa) had raised no objection to the consolidation of activities in the Dutch construction market of which it had been notified. The European Commission had issued a similar statement on 3 September 2002 in respect of HBGâ€™s other activities.
Change of name BAM
Upon the acquisition of HBG, the amendment to the Articles of Association adopted at the extraordinary general meeting of shareholders held on 10 July 2002 was put into effect. The amendment included changing the companyâ€™s name pursuant to the Articles of Association to Koninklijke BAM Groep nv (Royal BAM Group).
Royal BAM Group
With the acquisition of HBG, Royal BAM Group occupies a strong position in the West-European construction industry, with an order book worth EUR 10.8 billion as at 30 June 2002. In the 2001 financial year, Royal BAM Group achieved a pro forma turnover of EUR 8.5 billion, an operating result before amortisation of goodwill of EUR 171 million and a net profit on ordinary activities before amortisation of goodwill of EUR 105 million. Royal BAM Group has a workforce of more than 30,000, is market leader in the Netherlands, occupies a leading position in the UK and Belgium and ranks among the top ten construction companies in Europe.
(source: Royal BAM Group)