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November 12, 2009

Smit Merges with Boskalis

Dutch dredging group Royal Boskalis Westminster has announced a merger agreement with Smit Internationale. The deal, worth €1.1bn, means Boskalis will pay €60 per share in cash for all outstanding shares of Smit. Boskalis chief executive Peter Berdowski said the value of the

By cms admin

Dutch dredging group Royal Boskalis Westminster has announced a merger agreement with Smit Internationale.

The deal, worth €1.1bn, means Boskalis will pay €60 per share in cash for all outstanding shares of Smit.

Boskalis chief executive Peter Berdowski said the value of the agreement excludes €250m in debt and includes a 25% stake in Smit that Boskalis already holds.

“Excluding the Boskalis stake, the remaining purchase price would come to about €825m” Berdowski said.

The deal is expected to be complete in the first half of 2010.

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