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IHC Holland Management Buy-Out
01 Jan 2005
The Dutch group IHC Caland has advised that negotiations with Rabo Participates (RaPar) is likely to lead to the sale of its shipbuilding activities.
IHC Caland controls the two IHC shipyards at Sliedrecht and Papendrecht plus the Merwede Shipyard at Hardinxveld-Giessendam, which have collectively been the world leader for dredger newbuilds for many years.
Rabo Bank investment vehicle RaPar will purchase a minority stake and will remain a minority shareholder in support of the shipyards' management and employees, who will also obtain a minority stake, with IHC Caland temporarily retaining a stake of 18%.
The transaction will be concluded on the basis of no further liability for IHC Caland.
Ultimately it will result in total net proceeds close to zero and the loss of the related portion of Group equity will be recognised in the 2004 financial statement.
In order to proceed with the transaction the advice of the Works Council of the shipyards will be obtained, Merger Code consultations will be initiated, and approvals by an Extraordinary General Meeting of Shareholders of IHC Caland and of the appropriate competition authorities will be invited.
It is expected that that the closing date for the transaction will be in the first half of next month.
MJ Information No: 20202
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