Ackermans & van Haaren to take over CFE

Belgium-based Ackermans & van Haaren (AvH) and European contractor Vinci have reached an agreement for AvH to become the majority shareholder in Compagnie d’Entreprises CFE (CFE), while also enabling CFE to acquire full control over dredging and marine engineering firm DEME.

CFE, in which Vinci owns a 46.84% stake through its subsidiary Vinci Construction, currently shares joint control of DEME with AvH.

The new agreement will see AvH contributing its 50% shareholding in DEME to CFE for 12.2 million newly issued CFE shares, valued at more than €550 million. At the same time, Vinci will sell half of its stake in CFE (23.42%) to AvH.

As a result of both transactions, CFE will become the sole shareholder of DEME, with AvH acquiring a 60.39% share in CFE. Vinci will maintain a stake of 12.1% in CFE.

Luc Bertrand, CEO of AvH, said, “We are convinced that we will create added value with these transactions for all parties involved, including the shareholders of AvH and CFE.

He added that CFE would be able to use fully the synergy opportunities between the construction and dredging activities in Belgium and abroad.

"The fact that Vinci maintains half of its stake in CFE strengthens the possibility of cross-border synergies and proves that Vinci is convinced of the industrial potential and of the potential value creation of the new structure,” he said.

It is expected that, after both transactions are completed, AvH will launch a mandatory public offer on all remaining CFE shares held by the public.

All transactions are subject to approval by shareholders and the European Commission.