S.Africa’s Murray & Roberts asks antitrust body to restrict ATON voting rights
JOHANNESBURG (Reuters) – Murray & Roberts has asked South Africa’s competition authorities to block its biggest shareholder from fully exercising its voting rights in its proposed tie-up with rival construction firm Aveng, its spokesman said on Friday.
A construction project by Murray & Roberts is seen though a rain covered window in Cape Town in this picture taken August 31, 2015. REUTERS/Mike Hutchings/File Photo
Last month, the construction firm snubbed a takeover offer from ATON, its biggest shareholder, in favour of its own deal with Aveng.
Murray & Roberts asked the Competition Tribunal to restrict ATON’s voting rights to the stake it held before launching the rejected takeover offer in March.
At the time, ATON held around 29 percent stake, and has since raised that to roughly 44 percent.
Reporting by Tiisetso Motsoeneng; editing by Jason Neely
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