Murray & Roberts asks antitrust body to restrict ATON voting rights

Murray & Roberts asks antitrust body to restrict ATON voting rights 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.

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% stake, and has since raised that to roughly 44%.

-Nampa/Reuters