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Boskalis abandons intended public offer for Smit

December 04 - Royal Boskalis Westminster has abandoned its plan to make a public offer for all the issued and outstanding ordinary shares of Smit Internationale nv.

er Berdowski, CEO Royal Boskalis Westminster said: "Over the past couple of months we have had discussions with Smit, both at the level of the Board of Management and the Supervisory Board. In these meetings various Smit break-up scenarios were suggested and discussed by both parties.

Unfortunately we were not able to reach a transaction structure that is supported and recommended by the Board of Management and Supervisory Board of Smit.

In view of the changed conditions in the financial markets and the market in general, we believe it is irresponsible to pursue the offer without support and cooperation from the Board of Management and Supervisory Board of Smit."

Boskalis made its initial moves for Smit in September with a EUR 1.11bn ($1.57bn) bid and by mid October had built a 200lding in the company which is involved in harbour towage, terminals, salvage, as well as transport & heavy lift services.

Ben Vree, CEO of SMIT said: "SMIT will continue its successful strategy of integrated maritime services, making optimal use of synergies between our divisions Harbour Towage, Terminals, Salvage and Transport & Heavy Lift. Today's announcement signals the end of a period of uncertainty for our company, our joint-venture partners and our employees. Our business shows a positive development for the second half of this year and our investment programme is at full speed. We are back to business as usual and have all sails set!"

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