Murray & Roberts could be in for a tussle if it is serious about buying Aveng after its biggest shareholder, Aton, has said it will not support the deal. Aton, which itself is planning to buy Murray & Roberts, in which it already has a 40% stake, said: “There is no basis for Aton to support M&R’s proposed acquisition of Aveng. The announcement reflects an underdeveloped and rushed outline of a potential transaction with a speculative rationale.” In an e-mailed response to questions, Aton added that it would continue to file an offer with the Competition Commission to acquire M&R before the May 24 deadline. The company believed that the proposed deal of M&R to acquire Aveng was intended to “frustrate” its compelling proposition to M&R, and that the merger did not fit the construction firm’s strategy. Murray & Roberts, South Africa’s second-biggest construction and engineering company by market capitalisation, said on Friday it would offer R1-billion to buy Aveng but on condition that...
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