Royal Boskalis Westminster says it has reduced its holding in offshore firm Fugro to 24.9%.
Boskalis held a 25.14% state previously according to Fugro, although claimed to have a 28.6% stake in its last annual report. It remains Furgro’s largest shareholder, and at one point looked likely to move to takeover the seismic specialist.
Fugro and Boskalis have been locked in a legal battle which Boskalis trying to force a shareholder vote in regard to one of Fugro’s three protective measures, the Foundation Continuity Fugro. Both the District Court of The Hague, and later the Court of Appeal in The Hague, ruled in favour of Fugro.
The latest decision by the Court of Appeal, in May, safeguards the independent position of Fugro and likely sparked the decision by Boskalis to sell.