The tussle between Murray & Roberts and Aton continued this week as the Competition Tribunal was dragged into the battle, the outcome of which could determine Aveng's fate. M&R, South Africa's second-biggest construction and engineering company by market capitalisation, on Thursday filed an urgent application at the Competition Tribunal to stop family-owned business Aton from exercising its 44% voting right at a crucial vote on M&R's plans to acquire Aveng, which Aton is opposing. Aton, which has made a bid to buy M&R, rejected a request from the M&R board to reduce its 44% voting right to 29.9%, which prompted M&R to approach the Competition Tribunal for relief. M&R maintains that Aton should be able to vote only on the 29.9% stake it held in March, which was the percentage it held in M&R at the time it made a bid for the group. M&R said it had been assessing buying Aveng since October last year. M&R said it had approached the Competition Tribunal to intervene because it wanted to ...
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