Court orders freeze on HBG

"The corporate court thinks that there is valid reason to doubt the policy of HBG ... and orders and investigation into this policy,' the court said. "The corporate court bans with immediate effect the further execution of the joint venture which was agreed upon by HBG and Ballast Nedam."

 

Last week, HBG shareholders requested the court to prevent HBG and Ballast Nedam from taking further steps to set up the joint venture.

 

The shareholders also wanted an investigation into HBG's decision to team up with Ballast rather than with dredger Boskalis and builder Heijmans, who are interested in buying HBG's dredging and constructions arms.

 

Lawyers representing HBG shareholders with a joint 40 percent stake and claiming support from investors another 25 percent said last week that HBG had not given sufficient information about the various offers in the bidding war.