This is an announcement by Royal Boskalis Westminster nv, as referred to in Section 5:59 paragraph 1 of the Dutch Financial Supervision Act (Wet op het Financieel Toezicht). This announcement does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in Smit.
4 December 2008
With reference to the press releases dated 15 September and 10 October 2008 regarding the intention of Royal Boskalis Westminster nv ("Boskalis") to make a public offer (the "Offer") for all the issued and outstanding ordinary shares in the issued share capital of Smit Internationale nv ("Smit"), Boskalis hereby announces that it has abandoned its intended Offer.
Peter Berdowski, CEO Boskalis:
"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."
This is an English translation of the Dutch press release. In the event of any disparity between the Dutch original and this translation, the Dutch text will prevail.
Royal Boskalis Westminster nv is an international group with a leading position in the world market for dredging services. Its core activities are the construction and maintenance of ports and waterways, land reclamation, coastal defense and riverbank protection. The company holds important home market positions in and outside of Europe and targets all market segments in the dredging industry. It also has positions in strategic partnerships in the Middle East (Archirodon) and in offshore services (Lamnalco). Boskalis has a versatile fleet of over 300 units and operates in over 50 countries across five continents. Including its share in partnerships, Boskalis has approximately 8,000 employees.
For further information please contact:
|Director Investor Relations & Corporate Communications|
|Telephone:||+31 78 69 69 822 / +31 62 00 10 232|
|Fax:||+31 78 69 69 020|
This press release can also be found on our website www.boskalis.com.
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