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| AvH and Vinci reach an agreement relating to a new industrial project for CFE Ackermans & van Haaren NV (AvH) and Vinci S.A. have reached an agreement relating to a new industrial project for Compagnie d'Entreprises CFE NV/SA (CFE) which would enable CFE to acquire full control over D.E.M.E. NV (DEME), one of the largest and most diversified dredging and marine engineering companies in the world. CFE, in which Vinci owns a stake of 46.84% through its subsidiary Vinci Construction S.A.S., currently exercises joint control with AvH over DEME. According to the agreement between AvH and Vinci, the board of directors of CFE will be invited to convene an extraordinary shareholders' meeting to entitle AvH to contribute its 50% shareholding in DEME to CFE, in consideration for 12,222,222 newly issued CFE shares at a price of 45 euros per share. Simultaneously, Vinci will sell half of its stake in CFE, i.e. 23.42% (before capital increase), to AvH at the same price of 45 euros per share. As a result of both transactions, CFE would become the sole shareholder of DEME, while AvH would acquire a shareholding of 60.39% in CFE, and Vinci would maintain a stake of 12.1% in CFE. write your comments about the article :: © 2013 Construction News :: home page |