Aton a step closer to acquiring M&R
Approval in SA and Canada needed by end March for hostile takeover of Murray & Roberts
German firm Aton, which has made an offer to buy Murray & Roberts (M&R), has obtained merger approvals in Zambia and Namibia, the listed engineering and mining contractor said on Wednesday. The family-owned investment company, however, has until the end of March to get approvals in SA and Canada for its hostile takeover bid. Aton has offered R17 a share, less than the R20 to R22 range the M&R board has put out as fair value for the business. Speaking after the release of M&R’s results for the six months to end December, CEO Henry Laas on Wednesday said he would not read much into the conditional approval in Zambia and unconditional nod in Namibia. “I cannot say that this is an indication that the deal is closer to finalisation because approvals in SA and Canada are still outstanding,” Laas said. Aton has until March 31 to get consent from the different jurisdictions. The firm can, however, extend the deadline. If Aton obtained the regulatory approvals before the end of March, M&R sh...
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