The European Commission approves the offer for HBG by Dragados
Madrid / Rijswijk – The European Commission has informed Grupo Dragados, SA that the offer it has made for Hollandsche Beton Groep nv ['HBG'] is compatible with the Common Market of the European Union and that the Commission has therefore decided to approve the transaction.
Press release of Grupo Dragados and HBG
Grupo Dragados notified the transaction to the European Commission on 1 March 2002. After an assessment under the relevant Community regulation, the Commission has decided to approve the transaction, since the acquisition of HBG by Grupo Dragados will not affect effective competition on any European market.
On 15 March 2002 Grupo Dragados announced the launch of its public offer for HBG at a price of €21.25 per ordinary share in cash, valuing HBG at approximately €756 million.
The price of the offer, the acceptance period of which will end on Wednesday 10 April 2002 at 15:00 hours Dutch time, represents a premium of approximately 60% over the average closing HBG ordinary share price for the 30 trading days ending on 4 February 2002, the last trading day before the first public announcement that an offer was considered; and a premium of approximately 57% compared to the HBG ordinary share price at close of business on 4 February 2002.
Copies of the offer document, which inter alia contains the conditions subject to which the offer will be declared unconditional, are available from the offices of ING Bank N.V. [Foppingadreef 7, P.O. Box 1800, 1000 BV Amsterdam, The Netherlands] and HBG [Generaal Spoorlaan 489, Rijswijk, The Netherlands].
For more information
Grupo Dragados:
Carolina Cobos, International Media Relations, +34 91 583 25 64, cch-dragados-grupo@dragados.com
HBG:
Arno Pronk, Manager Public Relations, +31 70 372 2121, apronk@hbg.nl