Shareholders approve merger BHD and Van Oord ACZ
Ballast Ham Dredging is to merge with the Dutch dredging firm of Van Oord ACZ. The extraordinary annual meeting of shareholders of Royal BAM Group, that took place at 5 November in Amsterdam, has agreed the deal.
Royal BAM Group is to get a 21.5% interest in the new dredging business. The transaction creates a company that will maximise the strategic position and competitiveness of Van Oord and BHD which will assume a leading position in the international dredging market. The new dredging company, to be known as Van Oord, will have 3,000 employees and a turnover in 2003 (pro forma) of around 850 million euros.