Aveng’s share price fell 13% to 33c on Tuesday following an update on its negotiations with Murray & Roberts (M&R). The tone of Aveng’s statement was that while it would have liked to have been bought by M&R, the deal was inevitably going to be trumped by German investment group Aton’s hostile takeover of M&R. Aveng reminded its shareholders that Aton, whose stake in M&R has risen to nearly 44%, "has also previously released a public statement stating that it will not support the M&R transaction". At 33c per share, Aveng’s market capitalisation was just R137.5m. M&R was trading at R17.06, giving it a market cap of R7.6bn. Aveng advised shareholders that it intends to proceed with a proposed rights offer in which it hopes to raise up to R500m. "M&R is supportive of Aveng proceeding to implement the proposed rights offer, irrespective of whether the M&R transaction proceeds or not," Tuesday’s statement said. The construction group said it was also continuing with its previously announ...

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