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29 June, 2010

Oranjewoud to issue shares in Strukton bid

AMSTERDAM/LONDON, June 29 (Reuters) - Dutch construction group Oranjewoud would issue new shares if its takeover bid for peer Strukton, valued at close to 200 million euros ($244.1 million), is successful, three sources said on Tuesday.

Oranjewood is putting together a financing package to buy Strukton from Dutch national rail operator NS Groep that involves issuing new shares, securing bank debt and attracting funding from the Holland Project Fund, a joint venture between Rabobank and Delta Lloyd, said the sources who are close to the deal.

Rabobank is advising NS Groep on the sale after running an auction that failed to attract binding offers from major Dutch construction firms including Koninklijke BAM, Heijmans and Ballast Nedam, two of the sources said.

Spokespeople for Strukton, Rabobank and software and infrastructure firm Centric, which owns 90 percent of Oranjewoud, were not immediately available for comment.

Last week Strukton, which accounts for around 30 percent of state-owned NS's 2009 revenue, said it was "favourable" towards a proposed sale of the company to Oranjewoud.

($1=.8194 Euro)

(Reporting by Greg Roumeliotis and Quentin Webb; Editing by Sharon Lindores)


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