Hochtief AG has announced its intention to dispose of its 48% stake in Ballast Nedam NV. In a deal signed on 28 April, the Hochtief package will be taken over by Dutch companies TCN Group BV and Wedge International Holdings BV, both of whom will acquire 24% each.
In a press release, Hochtief said Ballast Nedam had “been a positive contribution to the Group’s earnings over the years.” Various loss-making projects since 2002 caused Hochtief to initiate a wide-ranging restructuring programme and since then the stake in Ballast Nedam had “been the subject of constant analysis.”
Ballast Nedam is said to have welcomed the sale and drawn attention to the opportunities that will arise from intensive co-operation between TCN and themselves.
Both Hochtief and Ballast Nedam confirmed their intention for future collaboration on a selective project basis.
