AvH and CFE to Combine Their Construction Activities

The boards of directors of Ackermans & van Haaren and CFE are examining the possible combination of their construction activities.

The proposed combination includes activities of Van Laere group and CFE Contracting under CFE.

Van Laere group realized a turnover of 195 million euros in 2016. It is fully owned by Ackermans & van Haaren. The most important subsidiaries of Van Laere group are Algemene Aannemingen Van Laere NV, Groupe Thiran SA and Arthur Vandendorpe NV.

Even though the transaction does not fall within the scope of article 524 of the Companies Code, the board of directors of CFE decided on June 23, 2017 to appoint a committee of independent directors. The committee is composed of Ciska Servais SPRL, represented by Mrs Ciska Servais, by Pas de Mots SPRL, represented by Mrs Leen Geirnaerdt, and by Mr Philippe Delusinne.

This committee will describe the nature and terms of this transaction, evaluate the pro’s and con’s for CFE and its shareholders and evaluate the financial consequences, to allow the board of directors of CFE to take a final decision. The transaction could take place in the course of the fourth quarter of 2017, after the realization of a due diligence.

CFE is an industrial Belgian Group active in 3 different sectors: dredging, marine engineering and environment, Contracting and Real Estate Development. The group is worldwide active, mainly across its dredging and marine activities executed by DEME, a 100% subsidiary, one of the world’s leading dredging contractors.