Investor HAL wants to take over dredging and maritime service provider Boskalis. HAL is already a major shareholder and would like to fully acquire the company, which was involved last year in, among other things, the salvage of the huge stalled container ship Ever Given on the Suez Canal.
Boskalis as a whole has a price tag of 4.2 billion euros. That is not the amount that HAL would pay, because the investor already invested money in Boskalis in 1989 and currently owns an interest of more than 46 percent in Boskalis.
HAL is a listed company that invests in various companies. Until last year, HAL also had a majority interest in the optical group GrandVision, known for the Pearle eyewear chain. But that has been sold for billions of euros.
Billion dollar deal
According to Boskalis CEO Peter Berdowski, after that billion-dollar deal, there was already speculation in the market that HAL might want to expand its stake in the dredging company. But when HAL informed him about the offer earlier this week, it came as a surprise. Berdowski is therefore unable to respond substantively at the moment, although he can say that HAL has always been a “very loyal, pleasant shareholder” until now.
In the near future, Boskalis’ management board and supervisory board intend to carefully consider the proposal. They will also engage external advisors, for example to see whether the EUR 32.50 per share that HAL wants to pay is a “fair offer” for smaller shareholders.
HAL states in a statement that it supports Boskalis’ current course. In terms of employment, everything would also remain the same. According to the investor, it would be better with a view to the future if Boskalis is no longer listed. That would make it easier to make takeovers, for example.
Impact war
Boskalis presented its annual figures on Thursday. Despite the fact that corona restrictions put pressure on the margins of several projects last year, it was still possible to significantly increase turnover and profit. According to Berdowski, the order book is well filled and the prospects look favourable. He is not yet able to properly estimate the impact of the war in Ukraine, but he does think that profits can remain at the same level this year.
Boskalis has more than 10,000 employees worldwide. The company is not active in Ukraine, but it is in Russia. But all the international staff at his St. Petersburg office are out of the country. Work in Russia is currently at a standstill. The latter is not only due to the war, because in the winter there is no work in the Arctic anyway.
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