The week in business: 3 January
Electrawinds is rescued, Belgian state collects rent for EU building, and an overview of the rest of the week's business news
Materials - Umicore
Banking – KBC
The Antwerpse Diamantbank, the leading institution specialised in the financing of the diamonds trade, has been sold by its parent, KBC, to the Chinese Yinren group, based in Shanghai. The move is the last of the long list of disposals imposed by the EU in exchange for approving the multi-billion-euro state aid that rescued KBC in 2008.
Dredging – Deme
The Antwerp-based dredging company has won contracts worth €200 million to build and install 15 wind-powered turbines off the coast of Kent in the UK and for building the underwater sub-structures of 97 mills off Germany’s North Sea coast.
Energy – Electrawinds
The rescue of the Ostend-based renewable energies company took a new turn with the €50 million bid by Liège-based energy distribution and cable company Tecteo. If successful, the offer, which has the support of Electrawinds management, would provide Tecteo with major interests in four offshore wind farms.
Property – Berlaymont
The Belgian state has netted €636 million by collecting by anticipation 18 years of rents of the Berlaymont building (pictured) in Brussels, the heart of the European institutions.
Engineering – TPF
The Brussels-based engineering and public utilities services company has acquired the Madrid-based Getinsa for €25 million. The move will allow TPF to develop activities in high-speed transport building projects and provide access to Latin American countries.
Cars – BMW
The German manufacturer is investing €34 million to upgrade and develop its local activities: €4 million is earmarked for the brand’s Bornem training centre, €25 million for a 28,000 square-metre garage in Evere and €5 million for a showroom in central Brussels.
Plastics – Solvay
The Brussels-based chemicals and plastics group is to sell its Benvic PVC production operations in France, Spain and Italy to the Opengate Capital investment group.
Chemicals – Taminco
The Ghent-based chemical company, specialised in amines and derivatives, agrochemical additives and water treatment products, is to acquire the formic acid activities of Finland’s Kemira for €140 million.
