Due to the recent developments regarding HBG and the Spanish construction companies Dragados and ACS, Ballast Nedam feels obliged to exercise the ´change of control´ clause as provided in the shareholders agreement between Ballast Nedam and HBG concerning Ballast Ham Dredging ('BHD').
During the talks and correspondence which took place since the announcement of the public offer on the 5th of February, Dragados and HBG have not been able to convincingly take away Ballast Nedam´s concerns about the independent position of BHD and Ballast Nedam´s interests as a minority shareholder. The events that took place on April 18th and 19th have increased these concerns.
the joint venture agreement between HBG and Ballast Nedam includes a so-called ´change of control´ clause. On the basis of this clause, Ballast Nedam has requested HBG to offer its 66 Â¨Ã¸% stake in BHD to Ballast Nedam.
(source: Ballast Nedam)