Banks are tightening their grip on Dutch multipurpose (MPP) specialist Wagenborg.
ING, ABN Amro and Rabobank are taking a minority stake in the northern Netherlands operator after agreeing to extend a credit facility for a further five years to help it through the downturn.
Wagenborg chief executive Egbert Vuursteen declines to say how much stock will be handed to the three Dutch banks, only that they will take cumulative preference shares, on which dividend payments will be made.
