Battle for control of Murray and Roberts resumes
The JSE-listed company is trying to prevent Aton from exercising all its votes at coming meeting
The battle for control of Murray and Roberts (Murray and Roberts) has resumed, with the embattled JSE-listed company once more trying to prevent long-term suitor Aton from exercising all of its votes at the engineering group's upcoming shareholders' meeting. Aton has slammed the move and said it is no better than an earlier approach to the Competition Tribunal to prevent Aton voting at a general shareholders' meeting in June. Murray and Roberts, which is headed by Henry Laas, wants the Competition Appeal Court to prevent German group Aton from voting all of its Murray and Roberts shares — equivalent to 44% of the total — at the upcoming Murray and Roberts annual general meeting (AGM), claiming that if it did vote, Aton would be able to exercise control over the meeting and therefore over Murray and Roberts. Such control would be a contravention of the Competition Act, claims Murray and Roberts, as Aton has not yet received approval for the deal from the competition authorities.
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