Royal BAM Group announced on Friday that long-running talks on the sale of its interest in international dredging specialist Van Oord have been 'held up' due to the turmoil in the financial markets. But BAM said it still intended to sell its 21.5% stake in Van Oord and expected to resume the conversations with the other shareholders before 1 May 2009.
Royal BAM Group announced on Friday that long-running talks on the sale of its interest in international dredging specialist Van Oord have been 'held up' due to the turmoil in the financial markets. But BAM said it still intended to sell its 21.5% stake in Van Oord and expected to resume the conversations with the other shareholders before 1 May 2009.
BAM is involved in construction, real estate development and infrastructure and its interest in Van Oord is estimated to worth in the region of EUR 500 mln. The dredger has been involved in major international projects including the The Palm Deira and The World island developments in Dubai. The other two shareholders are the Van Oord family (51%) and Dutch private equity group NPM Capital.
BAM opened talks with other shareholders about selling its stake in May this year because it could not get a controlling interest in the dredger. NPM has expressed an interest in buying BAM out. The proceeds from a sale could be used by BAM to strengthen its other activities by for example acquiring full control of Dutch developer AM.
