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Source: JOC
World’s largest dredging company to pay $1.6 billion for Smit Internationale
Royal Boskalis Westminster of the Netherlands, the world’s biggest dredging company, agreed to take over Smit Internationale, the Rotterdam-based harbor tug, marine salvage and heavy lift shipping group, for around $1.6 billion in cash.
Two major Smit shareholders have agreed to support the offer, Boskalis said Nov. 12. Together with its own shareholding this accounts for approximately forty four percent of the outstanding shares in Smit.
Boskalis will finance the acquisition through a mix of debt and equity and plans to issue $300 million of new shares.
“Combining our companies creates a Dutch maritime player of a global scale,” said Boskalis chief executive Peter Berdowski. “I see significant opportunities between our companies complemented with a close competence and cultural fit.”
The merger of the two firms, which had combined revenue of $4.2 billion and income of $535 million in 2008, seals a year long attempt by Boskalis to take over Smit Internationale, the world’s biggest marine salvor.
Boskalis made an unsolicited $93.75 per share offer in September 2008 and built up a 25 percent stake in Smit, but it dropped the planned takeover in December citing unfavorable market conditions and a lack of support from Smit’s management.
Smit said the price was too low and attacked Boskalis’ plan to sell off its tug division.
Smit now says it is “enthusiastic” about the new $90 per share deal which will keep its tug business in the merged company. Following the merger, Smit will continue to operate under its own name and will retain its Rotterdam headquarters.
“This merger offers an excellent opportunity for Smit,” said Smit Internationale CEO Ben Vree.
The companies said they will integrate Smit’s port terminals operation with Lamnalco, a joint venture between Boskalis and Saudi Arabia’s Rezayat Group, to create “the best positioned global leader in the maritime oil and gas terminal arena.”
Smit rejected a $300 million bid from Lamnalco for its terminals unit in February 2008.
The merger is expected to be fully completed in the first half of 2010
Royal Boskalis Westminster of the Netherlands, the world’s biggest dredging company, agreed to take over Smit Internationale, the Rotterdam-based harbor tug, marine salvage and heavy lift shipping group, for around $1.6 billion in cash.
Two major Smit shareholders have agreed to support the offer, Boskalis said Nov. 12. Together with its own shareholding this accounts for approximately forty four percent of the outstanding shares in Smit.
Boskalis will finance the acquisition through a mix of debt and equity and plans to issue $300 million of new shares.
“Combining our companies creates a Dutch maritime player of a global scale,” said Boskalis chief executive Peter Berdowski. “I see significant opportunities between our companies complemented with a close competence and cultural fit.”
The merger of the two firms, which had combined revenue of $4.2 billion and income of $535 million in 2008, seals a year long attempt by Boskalis to take over Smit Internationale, the world’s biggest marine salvor.
Boskalis made an unsolicited $93.75 per share offer in September 2008 and built up a 25 percent stake in Smit, but it dropped the planned takeover in December citing unfavorable market conditions and a lack of support from Smit’s management.
Smit said the price was too low and attacked Boskalis’ plan to sell off its tug division.
Smit now says it is “enthusiastic” about the new $90 per share deal which will keep its tug business in the merged company. Following the merger, Smit will continue to operate under its own name and will retain its Rotterdam headquarters.
“This merger offers an excellent opportunity for Smit,” said Smit Internationale CEO Ben Vree.
The companies said they will integrate Smit’s port terminals operation with Lamnalco, a joint venture between Boskalis and Saudi Arabia’s Rezayat Group, to create “the best positioned global leader in the maritime oil and gas terminal arena.”
Smit rejected a $300 million bid from Lamnalco for its terminals unit in February 2008.
The merger is expected to be fully completed in the first half of 2010
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