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Published: 13 November 2009      

Boskalis and Smit announce merger

Royal Boskalis Westminster NV and Smit Internationale NV have in principle reached agreement on a full merger of the two companies

Under the deal, all the activities of Smit will be continued in the combined company Boskalis and Smit aim to reach a transaction through a public offer of E60 in cash by Boskalis for all outstanding shares in Smit. The business combination, says an official joint statement, "will create a world class maritime service provider offering an excellent platform for further growth.

"Boskalis and Smit have agreed that the existing business plans will serve as the basis for the further expansion of the Group and that further growth and development of all current activities will be supported.

"In view of the strong reputational and brand value, the activities of Smit will be continued under the Smit name operating out of the current head office in Rotterdam."

The terminals activities of Smit and Boskalis’ associate Lamnalco will be integrated, thereby creating the "best-positioned global leader in the maritime oil and gas terminal arena." These activities being part of the group including Harbour Towage will create synergies in the area of exchanges, procurement and crewing of vessels.

“Combining our companies creates a Dutch maritime player of a global scale," said Peter Berdowski, CEO Boskalis. "The merger fits excellently with our strategy aimed at reinforcing and expanding our maritime services. I see significant opportunities for synergies between our companies complemented with a close competence and cultural fit.

"I support the strategy of Smit, which aligns and complements well with our strategy. Moreover, the merger offers an excellent platform for further growth of our combined activities.”

Ben Vree, CEO Smit, added: “We are very thrilled with the support from Boskalis for the Smit strategy and its four divisions. This is a good basis for the further development of our combined activities. We have a clear agreement regarding the continuity of Smit’s identity and its strategy thereby securing the continuity of Smit’s activities. This merger offers an excellent opportunity for Smit.”

Boskalis and Smit are of the opinion that the intended merger is in The main shareholders in Smit, Delta Lloyd Groep and Janivo Beleggingen, have already confirmed an irrevocable undertaking to support and accept the intended offer, subject to customary offer conditions. Together with Boskalis’ own shareholding in Smit, this accounts for around 44% of the outstanding shares in Smit.

Ben Vree will become a member of the Board of Management of the group. Smit will also have a representative within the Supervisory Board of the new combination.

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  • Europe) Netherlands) Netherlands Acquisitions and mergers
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