Arcadis shares fell about 6% to €40.78 in early afternoon European trading after WSP Global Inc. withdrew its €4.435 billion ($5.08 billion) proposal for the Dutch engineering and infrastructure company. The stock led declines on the Stoxx 600 but remains up 15% year to date. Arcadis said WSP will not proceed with a public offer for all issued and outstanding shares after its Executive Board and Supervisory Board unanimously rejected two proposals. The boards said the proposals fundamentally undervalued Arcadis’ intrinsic value, strategic position and future prospects, while also citing concerns about executing its strategic plans, cultural fit and integration risks. WSP said on Sept. 22, 2026, that it would not pursue the offer after being unable to engage Arcadis on transaction terms and that any value-creating combination would require a negotiated deal supported by Arcadis’ boards. Arcadis said its boards remain committed to focusing on sectors and markets where it has a genuine right to win, simplifying around client needs and building a stronger performance culture. CEO Heather Polinsky said the company would build on its culture and strengthen performance. Arcadis plans to provide a comprehensive medium-term strategy update at its Capital Markets Day in Amsterdam on Sept. 29, 2026. Arcadis reported €4.9 billion in gross revenues for 2025, operates in more than 30 countries and has around 34,000 employees. WSP operates in more than 50 countries and employs approximately 83,000 professionals.