BELGIAN construction giant BESIX has taken a controlling interest in Brisbane-based contractor Watpac, after its takeover bid was given the green light.
BESIX has taken its stake from 28.1% to more than 50% on its second attempt to acquire Watpac, recently lobbing a $169 million cash bid with intentions to take a 64.1% share following its initial attempt earlier this year failed to generate enough shareholder support.
“This is an exciting development for Watpac as BESIX’s increased ownership will give the Company access to a broader range of services, capabilities and markets.” Watpac chairman, Peter Watson, said.
BESIX intends for Watpac to continue operating as a standalone business under its current name.
Australian Property Journal
