TAKEOVER BID
Aton digs in its heels as M&R eyes Aveng tie-up
Aton, the German conglomerate bidding for control of Murray & Roberts (M&R), has signalled the JSE-listed company will have a tough time convincing it of the merits of a tie-up with Aveng. Aton said on Thursday it was "steadfastly against a transaction" between M&R and Aveng, stressing that the proposed tie-up "would impose a significant and unpredictable risk to M&R". It pointed out that Aveng had reported losses of R6.7bn in financial 2017. Aton was responding to a Sens announcement by M&R stating that it continued to believe in the strategic and financial merits of the proposed transaction for the shareholders of M&R and Aton. "Murray & Roberts and Aton have agreed to meet in order to discuss the merits of the potential transaction, with the aim to procure Aton’s support," said M&R.
The M&R share price shot up to more than R18 on Thursday, comfortably more than Aton’s revised offer of R17 a share. It closed 3.71% higher at R18.18, bringing gains in 2018 to just more than 50...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.