Dutch dredging company Royal Boskalis Westminster NV (BOKA.AE) Thursday said it would offer EUR60 per share in cash offer to acquire Smit Internationale NV (SMIT.AE), a maritime service provider.

Boskalis says it wants to finance the deal through a combination of debt and equity and intends to issue EUR200 million new Boskalis shares. HAL Holding (HAL.AE), which holds 31.75% of Boskalis, has already indicated it will take part in the share issue.

The large shareholders in Smit, Delta Lloyd Groep and Janivo Beleggingen, have already confirmed they will accept the intended offer. Together with Boskalis' own shareholding in Smit, this accounts for approximately 44% of the outstanding shares in Smit.

Boskalis excpects to complete the transaction in the first half of 2010.

- By Anna Marij van der Meulen; Dow Jones Newswires; +31 20 571 5201; annamarij.vandermeulen@dowjones.com
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