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Mon July 15 2024

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Bam sells €200m stake in dredging company

22 Dec 11 Royal Bam Group has sold its 21.5% interest in dredging company Van Oord for €200m (£167m).

The total amount in cash to be received by Bam in the current financial in Van Oord is €238m, comprising the purchase price and two dividend payments received earlier in the year.

The executive board of Royal Bam Group said that it was very pleased with this transaction. Bam’s minority interest in the Van Oord dredging company originated from the sale of the dredging activities to MerweOord in 2003. As part of that sale, it was agreed that Bam could sell its minority interest in Van Oord from 2008 onwards.

The transaction is in line with the updated strategic agenda announced on 17 November, whereby Bam will increase its focus on core activities and also strengthen its financial position.

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