Belgian builder Besix renews takeover attempt of mining company Watpac
Belgian construction player Besix has renewed its takeover intentions for the Brisbane-based Watpac.
It has lobbed a new $169 million cash bid.
Besix, already Watpac's largest shareholder, failed four months ago in a bid to secure two-thirds ownership of the ASX-listed contractor and mining services group.
However they lacked the support from fellow shareholders and were unable to get the plan approved.
If their bid is accepted, the Belgian builder has stated it would continue to operate the Australian company as a standalone business by retaining its brand and local identity.
"We continue to believe in the strong fundamentals of the Watpac business and are supportive of current management and their strategic direction," Besix chief executive Rik Vandenberghe, said.
Watpac's independent board committee has recommended the offer from Besix in the absence of a superior proposal emerging.
