HBG and AGIV settle out of court
Rijswijk, the Netherlands / Frankfurt am Main, Germany – HBG, Hollandsche Beton Groep nv, and AGIV AG have reached an out-of-court settlement.
This brings to an end the disputes between the two companies. HBG is to receive a substantial sum from AGIV, which will have the effect of strengthening the Group’s financial position by approximately €20 million.
HBG acquired just over 74% of the share capital of the German construction company Wayss & Freytag AG from AGIV in December 1996. In the ensuing years, a number of problems arose between AGIV and HBG, which were brought before the court by HBG at the beginning of 1999.
The court in Frankfurt urged the two parties to seek to settle their differences through independent mediation. Dr Horst Eidenmüller LL.M., Professor at Wilhelms University and also Director of the Centre for Negotiation and Mediation at Münster, acted as mediator.
The two parties are satisfied with the outcome and prefer not to disclose any further details concerning the arrangement.
Arno C. Pronk at HBG Public Relations, telephone +31 70 3722121.