Ann Crotty Writer-at-large

Aton has slammed the application by Murray & Roberts to the Competition Tribunal, describing it as another frustrating action aimed at preventing Aton from voting all of its shares against the proposed Aveng transaction at the M&R shareholders’ meeting on July 19. M&R contends that if Aton was allowed to vote all of its shares, it would be able to determine the outcome of the meeting. This would indicate it controlled the company without having gained the approval of the competition authorities. On Friday the M&R share price eased back 2.1% to close at R17.26 as investors considered the latest development in the increasingly fractious bid for control of a once-powerful South African construction firm. On Friday Aton said it would vigorously oppose the application M&R made to the Competition Tribunal and said it remains "steadfastly against the Aveng transaction as it would introduce significant risk to M&R and its stakeholders". Bondholders It said the Aveng transaction would only b...

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