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New twist in M&R battle as takeover body disallows further progress on Aveng tie-up

By: Terence Creamer     2nd August 2018 The protracted tussle for control of Murray & Roberts (M&R) took yet another turn this week, after the Takeover Special Committee (TSC) overturned a June decision by the Takeover Regulation Panel (TRP), allowing M&R to continue with preparations for a potential combination with Aveng, despite the... 

ATON’s mandatory offer undervalues company, M&R reiterates in circular

By: Terence Creamer     2nd July 2018 The board of engineering and construction group Murray & Roberts (M&R) has again guided shareholders not to accept ATON’s mandatory offer of R17 a share, which it argues undervalues M&R’s strategic platforms and business prospects. The board made the statement in a circular response to ATON’s... 

Takeover panel clears way for M&R to move on Aveng tie-up amid ongoing ATON opposition

By: Terence Creamer     21st June 2018 Murray & Roberts (M&R) announced on Thursday that it would proceed to further develop a potential tie-up with Aveng after the Takeover Regulation Panel (TRP) sanctioned the outcome of an earlier shareholder vote, which approved a resolution stating that the proposed Aveng deal was not designed to... 

ATON welcomes tribunal’s M&R voting-rights ruling, despite restrictions

By: Terence Creamer     18th June 2018 Investment company ATON, which is seeking to acquire Murray & Roberts (M&R), has welcomed a Competition Tribunal ruling opening the way for it to vote all its shares at a general meeting at which M&R shareholders will vote on the merits of a proposed transaction with Aveng. The meeting is... 

ATON questions logic of M&R’s proposed ‘poison pill’ Aveng deal

By: Terence Creamer     31st May 2018 Investment company ATON, which is preparing a mandatory offer to buy all the shares in Murray & Roberts (M&R) it does not already own, has reiterated it steadfast opposition to M&R’s proposed acquisition of Aveng, describing the proposed Aveng transaction as a “poison pill” to prevent a takeover... 

M&R says meeting set with ATON to discuss ‘highly strategic’ Aveng deal

By: Terence Creamer     30th May 2018 Murray & Roberts (M&R) confirmed on Wednesday that it would be meeting with its largest single shareholder, ATON, to discuss the merits of M&R’s proposed acquisition of Aveng, which it continues to describe as “highly strategic”. No date has been provided for the meeting, which is being pursued... 

As ATON prepares mandatory offer, M&R board says higher price still ‘undervalues’ company

By: Terence Creamer     29th May 2018 The takeover battle for engineering and construction group Murray & Roberts (M&R) by German investment company ATON intensified this week with ATON announcing its intention to make a new mandatory offer, following a Takeover Special Committee (TSC) ruling instructing ATON to withdraw its earlier... 

Aton increases interest in M&R to 43.70%, lifts offer price to R17 a share

By: Simone Liedtke     25th May 2018 German-owned Aton has acquired a further 18.25-million shares in Murray & Roberts (M&R). Following the settlement of these shares’ acquisition, Aton will hold 194.35-million shares in M&R, representing about 43.70% of the entire issued share capital. 

Aton lifts M&R interest to 39.6%

By: Simone Liedtke     22nd May 2018 German-owned Aton, has acquired a further 6 600 issued ordinary shares in Murray & Roberts (M&R) at R15 a share, taking its shareholding in M&R to 39.6%. Aton is seeking to acquire all of the shares in M&R not already owned by it. 

Aton says will not support M&R’s proposed transaction with Aveng

By: Simone Liedtke     21st May 2018 German-owned Aton believes Murray & Roberts (M&R) is putting its interests ahead of that of shareholders and other stakeholders with its proposed combination with Aveng. The sole intent of M&R’s announcement on Friday that it plans to merge with Aveng, Aton states, is to frustrate Aton’s... 

M&R hopes to convince ATON of commercial merits of Aveng tie-up

By: Terence Creamer     18th May 2018 Murray & Roberts (M&R) CEO Henry Laas says he will make every effort to convince its largest shareholder ATON – the German family-owned business, which owns 39% of the company and which has made a firm offer to acquire majority control of the South African engineering and construction group – of... 

Aton’s wooing of M&R shareholders continues

By: Marleny Arnoldi     24th April 2018 As it continues to seek support from Murray & Roberts (M&R) shareholders for its R15 a share buyout offer, German investment company Aton on Tuesday released salient information related to its buyout offer to address “stakeholder concerns”.  

PIC rejects Aton's takeover offer for M&R

By: Reuters     17th April 2018 South Africa's Public Investment Corporation (PIC), the second-biggest shareholder in Murray & Roberts (M&R), said on Monday it had rejected an offer by Germany's Aton to acquire the engineering and construction firm. M&R's biggest shareholder German investor Lutz Helmig's Aton, which owns more... 

M&R board labels Aton offer 'opportunistic'

By: Marleny Arnoldi     27th March 2018 JSE-listed Murray & Roberts’ (M&R’s) independent board review has concluded that German investment holdings company Aton's planned offer of R15 a share is “opportunistic” and that Aton is unlikely to successfully delist M&R after the takeover. M&R reported on Tuesday that Aton’s proposed cash... 

M&R says Australia maintenance contract a signal of future strategic intent

By: Terence Creamer     10th August 2017 The oil and gas unit of Murray & Roberts (M&R) has been awarded a five-year contract to perform maintenance services at a liquid ammonia plant and a technical ammonium nitrate (TAN) plant on the Burrup Peninsula, in Western Australia. Norway’s Yara International, which owns the facilities,... 

M&R a co-applicant with GE in dispute with Eskom over Duvha contract

By: Terence Creamer     26th April 2017 Murray & Roberts (M&R) has confirmed that it is a co-applicant with GE’s in court bid to prevent Eskom from implementing a contract with Dongfang Electric Corporation for the Duvha Unit 3 boiler recovery project. The 600 MW boiler was damaged catastrophically in March 2014 as a result of over... 

M&R’s Clough snaps up Canadian EPC project delivery company

By: Natalie Greve     14th October 2015 Australia-based oil and gas engineering and construction company and wholly-owned Murray & Roberts (M&R) subsidiary Clough has acquired Canadian engineering services company Enercore Projects, establishing Clough’s Canadian engineering, procurement and construction (EPC) project delivery arm. The... 

M&R accelerates Clough’s globalisation as Australian LNG workflow tapers

By: Terence Creamer     26th February 2015 Engineering and construction group Murray & Roberts (M&R) has signalled its intention to accelerate the internationalisation of its Australia-based oil and gas unit, Clough – a strategy underpinned by a dramatic tapering off of greenfield liquefied natural gas (LNG) megaprojects in Australia and... 

Lonmin places K4 under care and maintenance, ends M&R contract

By: Idéle Esterhuizen     17th September 2012 Troubled platinum producer Lonmin announced on Monday that it would place the K4 shaft at its strike-hit Marikana mine, near Rustenburg, under care and maintenance and that it would terminate its contract with Murray & Roberts (M&R) Cementation with effect from October 17. The platinum mining... 

M&R says it’s not overly exposed to culled mining project pipeline

By: Terence Creamer     30th August 2012 JSE-listed construction and engineering group Murray & Roberts (M&R), which is increasingly pinning its fortunes to continued growth in the mining, oil and gas sectors, moved to assure investors on Thursday that it was not overly exposed to some of the recently announced mining-project cutbacks.... 

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