HOORN, 20/01/07 - Property company Nieuwe Steen Investments (NSI) has been approached by Israeli company Habas on a possible takeover. Habas, listed on the Tel Aviv bourse, is exploring whether its property portfolio can be expanded.

NSI was approached by the Israeli property company in December, NSI chairman Anka Reijnen revealed Friday. Habas wants to acquire at least 20 percent of NSI's shares outstanding. "But they are in principle prepared to acquire all the shares," Reijnen added.

The Israeli company indicated it was willing to pay around 21.90 euros per share for NSI, 8 percent below its trading price of over 23 euros. Investment bank Kempen analyst Dick Boer Kempen found this strange. "I have never seen this before."

The announcement seems like an advertisement, in Boer's opinion. "Perhaps NSI wants to put itself up for sale and take any bid above 21.90 seriously."

NSI's management and supervisory boards have decided to study the bid further. But it is still uncertain whether this will lead to a bid.

Habas develops and owns property in Israel, Europe and North America and is according to Reijnen "not larger" than NSI. The Dutch property company posted earnings of 39.5 million euros in the first nine months of 2006. NSI reports its annual results this Wednesday.