Aus court approves Murray & Roberts’ Clough acquisition
The Federal Court of Australia has approved South African construction group Murray & Roberts’ (M&R’s) proposed acquisition of the outstanding shares in Clough, of which it already owned 61.6%, through its wholly owned Australian subsidiary.
This followed the approval of the scheme and financial assistance to M&R by the requisite majority of Clough shareholders on November 15.
M&R said in a statement on Wednesday that Clough intended lodging a copy of the orders of the court approving the scheme with the Australian Securities and Investment Commission on November 21, rendering the arrangement effective on that date.
Implementation of the proposed acquisition was expected to occur on or about December 11, after which Clough would become a wholly owned subsidiary of the South African construction major.
In August, M&R made an offer to acquire all the remaining shares in Clough for A$1.46 a share. The offer comprised a cash payment of A$1.32 a share and a dividend of A$0.14.
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