Boskalis Predicts Significant Profit Gains in 2013

Ursa, a cutter suction dredger owned by Royal Boskalis Westminster N.V.

AMSTERDAM–Dutch dredging company Royal Boskalis Westminster NV (BOKA.AE) Thursday confirmed its earnings outlook for 2012 at an extraordinary meeting of shareholders called to dicusss its takeover of sea transportation company Dockwise NV (DOCKW.AE).

Boskalis sees a 2012 net profit of 230-245 million euros ($300.5 million to $320.2 million) and capital expenditure of EUR300-EUR325 million.

The company raised its earnings outlook on Nov. 16.

At the meeting, Boskalis shareholders will vote for the proposal to let the company issue ordinary shares up to a maximum of 10% of the number of ordinary shares issued at present and to grant rights to subscribe to ordinary shares.

Boskalis said on Dec. 21 that approximately 83.5% of Dockwise shares are committed to Boskalis’s offer. Large shareholders with approximately 50% of the shares have signed irrevocable undertakings.

The offer of EUR18.50 per share values Dockwise at EUR733 million with an enterprise value of approximately EUR1.25 billion.

– Robert van den Oever, (c) 2013 Dow Jones & Company

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