Dragados/HBG merger on track

HBG, Hollandsche Beton Groep nv, announces that HBG and Grupo Dragados SA are working as keenly as ever to implement the merger of the two companies on the basis of the agreements and principles arrived at by them on 5 March of this year.

HBG finds it extremely regrettable that the acquisition by ACS of approximately 23% of the share capital of Grupo Dragados should have given rise to much speculation in the media. Reports to the effect that HBG is to be sold on by Grupo Dragados are inaccurate, and are not based on announcements of Dragados or ACS, as has been confirmed to HBG.

Messrs A.A. Loudon and C.J.A. Reigersman have already been appointed members of the Grupo Dragados Board of Directors. The operational management of the company is the responsibility of the Board of Management, of which the entire HBG Board of Management forms part. The new Grupo Dragados Board of Management will meet for the first time on 6 May.

The collaboration already begun at operational level confirms that the two companies have a great deal to offer each other. Both companies are more than ever convinced that the merger of their businesses will be a success.

(source: HBG)

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