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VENTURES AFRICA – – JSE-listed construction firm, Murray & Roberts, says its shareholders are set to vote on plans to buy outstanding shares in Australian construction company Clough.
Although voting results had not been released at the time of this report, Murray & Roberts had conducted due diligence on Clough, where it currently owns a 61.6 percent stake.
The South African company has also made a R4.3 billion (A$461.4m) offer to acquire the remaining 38.4 percent in the Perth-headquartered company.
However, the proposed acquisition remains subject to approval by company shareholders, a Murray & Roberts statement read.
Reports also indicate that the transaction could be completed towards the end of the year, as Clough minority shareholders are set to vote on the proposed deal on November 15.
Meanwhile, Murray & Roberts has affirmed that talks with prospective buyers of its Hall Longmore business are progressing.
Hall Longmore is a unit of the JSE-listed company which is involved in manufacturing leading equipment and process control for the production of large-bore welded steel pipes.
Murray & Roberts has capacities in design, engineering and other construction expertise. Its experience with major projects include: the Gautrain, the construction of the Green Point Stadium for 2010 FIFA World Cup and the Dubai Airport.