South African buyout of Clough advances
A South African company's proposed $435 million buyout of engineering company Clough has cleared two key hurdles.
Shareholders of Murray & Roberts yesterday voted in favour of taking its majority ownership of Clough to 100 per cent.
Clough today said the Foreign Investment Review Board had also told Murray & Roberts that it approved the takeover bid.
Shareholders of the Perth-based company will vote on the deal next week.
The offer is worth $1.46 a share to Clough's minority shareholders. An independent expert has described the bid as fair and reasonable.
Clough's shares closed down 0.5 cents to $1.45.
