14 November 2001 - 08:50

Ballast Ham Dredging bv [BHD] a reality

Rijswijk, the Netherlands – The merger of the dredging businesses of Ballast Nedam nv and HBG, Hollandsche Beton Groep nv, has been formally completed.

Mr R.H.W.P. Kottman, Chairman of the Ballast Nedam Board of Management, and Mr C.J.A. Reigersman, President of the HBG Board of Management, this evening signed the necessary documents.

The merger joins Ballast Nedam Baggeren bv and HAM, Hollandsche Aanneming Maatschappij bv to form Ballast Ham Dredging bv [BHD], in which HBG will hold a two-thirds interest, with Ballast Nedam holding one-third of the shares.

The management of BHD will be formed by Messrs D. de Waard, Chairman, A.H. Godri, J. van Herwijnen, A. Kok and O.F. Verkerke. Mr De Waard will accordingly retire as member of the HBG Board of Management with effect from today’s date.

HBG and Ballast Nedam began discussing an alliance in the field of dredging at the end of December 2000. The talks culminated in a merger agreement at the end of June 2001. At the request of a section of the HBG shareholders, an injunction was imposed on this agreement by the Enterprise Section of the Court of Appeal at Amsterdam on 4 July. After two commissions of inquiry had confirmed the proper care exercised in the decision-making by the HBG management, the injunction was lifted on 7 November.

With a hopper dredger capacity of 160,000 m3 and cutter suction dredgers with a combined capacity of 66,000 kW, BHD is world market leader in important segments of the dredging industry. BHD is forecasting a turnover of around €635 million in 2001 and has a workforce of around 2,200.

For further information:

Arno C. Pronk, HBG Public Relations, +31 70 3722121.