Fugro, a provider of integrated geotechnical, survey, subsea and geoscience services, has claimed another court victory against Boskalis, one of its largest shareholders.
According to Fugro, the Court of Appeal in The Hague on Tuesday ruled in favor of Fugro and dismissed a claim by Boskalis to force a shareholders’ vote on a non-binding recommendation in respect of one of Fugro’s three protective measures. On 17 March 2015, the District Court of The Hague also ruled in favor of Fugro.
The spat has been dragging on since March 2015 when Boskalis acquired more than 25 percent of Fugro shares, a move seen as hostile by Fugro which described Boskalis’ action as unexpected and unsolicited.
Boskalis then attempted to force a shareholders’ vote at Fugro’s annual shareholders’ meeting scheduled for April 30, 2015 on a recommendation in respect of one of Fugro’s three protective measures.
The vote would be held on a proposal in relation to one of Fugro’s measures protecting it from a hostile takeover, i.e. the Foundation Continuity.
Throughout the dispute, Fugro has maintained its stance it values its position as an independent provider of geotechnical and survey data, services and advice, and is not keen on being taken over.
Boskalis stated in its 2015 annual report that the company held 28.6% of Fugro’s shares per December 31, 2015.
Offshore Energy Today Staff