In the latest twist to the battle over ownership of Dutch contractor HBG, a judge in the Netherlands has suspended its plans to merge its dredging arm with Ballast Nedam. The judge added that board decisions over the past 18 months warranted investigation.
The case was brought by shareholders as a response to HBG's refusal to reopen talks with its smaller rival Heijmans, which launched a takeover bid last month.

Analysts said the Heijmans bid put a fairly low value on HBG, leaving it open to a rescue bid from another company.

One said: "It makes HBG vulnerable because it puts the spotlight on it. If people think the bid is undervalued you may get a white knight coming in with a slightly better offer."

But he added that HBG's exposure to the stalling German market may put bidders off.

HBG has a £919m-turnover construction firm in the UK.