BESIX Group successfully completes the unconditional takeover offer for all outstanding shares of Australia-based construction company Watpac Limited.
- Acceptance rate of 88.66 percent after close of the offer period
- BESIX Group’s total shareholding in Watpac Limited after completion of the transaction at 91.85 percent
- Preparation of the integration in transparent and fair way in cooperation with Watpac Limited
BESIX Group (“BESIX”) has successfully completed the unconditional takeover offer to the shareholders of Watpac Limited (“Watpac”). At the end of the offer period on 3 December 2018, 88.66 percent of shareholders decided to sell their Watpac shares to BESIX Group. Upon completion of the transaction, BESIX will hold 91.85 percent of Watpac.
Johan Beerlandt, Chairman of the Board, BESIX Group: “BESIX and Watpac have started building a trusting relationship in 2013 when BESIX acquired a minority stake in the company. From the outset, our ambition was to give BESIX a firm foothold in Australia. Our confidence, notably in Australia’s future, and our attachment to the country have grown steadily over the years. In becoming its majority shareholder, BESIX gives Watpac full access to the group’s in-house skills and expertise, in the construction field but also in other BESIX core sectors such as marine works. That strategy enhances Watpac’s potential on the Australian market at unprecedented levels and assures BESIX a long-term and promising geographic diversification in a wonderful country.”
Rik Vandenberghe, CEO of BESIX Group: “We are very satisfied with the result. The achieved level of majority stake in Watpac puts us in position to pursue a long-term industrial strategy in Australia and I warmly welcome all Watpac staff to the BESIX Group.”
With the successful result of the unconditional takeover offer, BESIX now intends to take the next steps towards implementation of the different ambitions expressed during the transaction process.
“We will work openly, transparently and fairly with Watpac to develop together the various opportunities and implement the strategies mentioned in the Bidder’s statement. On one hand, we will strengthen the complementarities between both companies and on the other hand, we will create growth potential for the “new” Watpac that can leverage off BESIX’s extensive international contracting experience and expertise. This is also an exciting time for Watpac staff as they will be on the forefront of this significant milestone in the history of the business, paving the way to new and exciting challenges as part of an enhanced platform” Rik Vandenberghe underlined.
“We are very pleased that we are now able to start the alignment process together”, says Martin Monro, Managing Director of Watpac Limited. “This ‘Change of Control’ is a significant and exciting development for us, and I look forward to providing our existing and prospective customers with broader operational capabilities and competitiveness.”
About Watpac: Watpac is an Australian construction and mining services contracting company listed on the Australian Securities Exchange. Founded 35 years ago, the company’s activities cover a wide range of projects across all main states of Australia. Watpac employs over 700 people in Brisbane, Sydney, Melbourne, Adelaide, Perth, Townsville and elsewhere throughout Australia. The company enjoyed revenues of approximately 1.1bn AUD in FY18.
About BESIX: Based in Brussels, Belgium, BESIX operates in Europe, the Middle East, Oceania, Africa and Asia and employs over 14,000 people throughout the world. Since first going into action in 1909, BESIX has over the years grown into a multidisciplinary group with a leading position in its markets: construction, property development and concessions. BESIX Contracting specializes in construction, infrastructure and marine works, often in contracts with a high level of complexity. Its achievements in this area include some of the most iconic construction works of recent decades, among them the Burj Khalifa in Dubai, the tallest tower in the world. BESIX has a turnover in excess of 3.6bn AUD.