Portuguese Dredger Sold

Tuesday, April 11, 2000
Dutch Koninklijke Boskalis Westminster NV bought fellow dredger Dragapor from the Portuguese government. The unit, which was put up for sale in December, will be merged with Boskalis' local subsidiary Sociedade Portuguesa de Dragagens Lda. No financial details of the deal were disclosed. Dragapor has about 20 employees and a fleet consisting of two dredgers, some barges, a cutter suction dredger, a hopper dredger and a lift barge. Boskalis, the world's largest dredger, said the acquisition would be of economic importance to its position in southern Europe and fitted its policy of home market positioning. Earlier this year, Boskalis launched a 643 million euro ($620 million) hostile bid for Dutch construction and dredging firm Hollandsche Beton Groep (HBG). In March, Boskalis said it had suspended its takeover attempt after a Dutch court ruled it could not launch an official bid before May 15.

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