Bruce Barnard | Mar 29, 2010 11:04AM EDT
Boskalis Westminster of the Netherlands, the world's biggest dredger, sealed a $1.55 billion takeover of Smit Internationale after acquiring 90 percent of the marine service company's shares.
Boskalis said it has received commitments for 60 percent of Smit's shares, which together with its own stake brought its total share capital in the Rotterdam-based company to 89.6 percent, making its offer unconditional.
The announcement crowns Boskalis' 18-month pursuit of Smit, one of the world's leading marine services companies with interests in harbor towage, marine salvage, terminal operations and heavy lift shipping.
Boskalis made an unsolicited bid for Smit in September 2008 and built up a 25 percent stake in the company. It withdrew its offer four months later citing unfavorable market conditions and a lack of support from Smit's management.
In November 2009 the companies announced they had agreed on takeover terms after Boskalis dropped plans to sell Smit's tug business.
Smit will continue to operate under its own name from its current headquarters in Rotterdam.
The merging companies booked combined revenue of around $3.8 billion in 2009, with Boskalis accounting for $2.9 billion.
Contact Bruce Barnard at brucebarnard47@hotmail.com.