The ongoing process for Veidekke's planned acquisition of 51 per cent of the shares in Hæhre Entreprenør AS was not successful. Although the parties failed to reach agreement on the final conditions for the acquisition of the shares, they have agreed to continue their good cooperation on projects.
On 15 December 2010, Veidekke announced a letter of intent regarding the acquisition of 51 per cent of the shares in the Hæhre Group's construction activities. Due diligence was performed, but the parties failed to reach a final agreement.
"It is a too bad when such processes do not lead to the desired result, but sometimes the gap between offers and expectations is too wide", comments Dag Andresen, Executive Vice President and Managing Director of Veidekke Entreprenør AS. "The due diligence process has been comprehensive, as indicated when we reported the extension of the process in late March", adds Andresen.
"We are also disappointed that we did not manage to cross the finish line, but this will in no way put an end to our good cooperation", remarks Albert Hæhre, Chair of the Board of Directors in Hæhre Entreprenør AS. "There is no need to go into details regarding the difference between offers and expectations. We are well equipped for the road ahead, and we see many possibilities related to major communications projects that are in the offing", concludes Hæhre.
Any questions may be directed to:
Albert Hæhre, Chair of the Board, Hæhre Entreprenør AS, mobile: +47 905 23 350
Dag Andresen, Managing Director, Veidekke Entreprenør AS, mobile: +47 915 51 410
Jørgen Wiese Porsmyr, Executive Vice President, CFO, mobile: +47 905 59 058