PIC, Aton lift shareholding in M&R

17th April 2018

By: Marleny Arnoldi

Deputy Editor Online

     

Font size: - +

The Public Investment Corporation (PIC) has increased its interest in JSE-listed Murray & Roberts (M&R) to 20.15% of the total issued ordinary shares of the company.

Additionally, clients of Allan Gray have reduced their shareholding in M&R to 4.32%, while Aton Austria Holding has raised its interest in M&R to 39.8% shareholding.

Aton in March announced that it planned to fully acquire M&R and, earlier this month, it launched a R15 a share offer to M&R’s shareholders.

An independent board established by M&R to assess the offer has advised shareholders against accepting the offer, saying it “materially” undervalued M&R. A valuation report from independent export BDO South Africa has determined a fair value price at between R20 and R22 per M&R share.

The PIC, financial services conglomerate Old Mutual and other smaller shareholders have also rejected the proposed buyout.

This was Aton’s second attempt at a deal after a previous approach failed in 2016. 

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

Comments

The functionality you are trying to access is only available to subscribers.

If you are already a subscriber, you can Login Here.

If you are not a subscriber, you can subscribe now, by selecting one of the below options.

For more information or assistance, please contact us at subscriptions@creamermedia.co.za.

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION