Construction giant CIMIC has off-loaded its 23.6% stake in Macmahon Holdings after a failed takeover attempt a couple of months ago. CIMIC (The old Leighton Holdings) announced a hostile $174 million takeover bid for Macmahon in January, but it rebuffed CIMIC’s advances and instead did a deal which saw Indonesia’s PT Amman Mineral Nusa Tenggara became its biggest shareholder.
CIMIC on Thursday said it realised $46.85 million from the sale of the Macmahon shares at 16.5 cents each.
Perth stockbroker Hartleys is understood to have handled CIMIC’s Macmahon sale yesterday morning.
It comes as Macmahon shareholders prepare to vote on the company’s deal with AMNT next week (July 12).
If shareholders sayyes (as they will) Macmahon will secure an alliance-style services contract for the life of AMNT’s Batu Hijau copper-gold mine in Indonesia and acquire about $US150 million of mine equipment in exchange for issuing stock to AMNT at 20.3 cents a share.
AMNT will have a 44.3% stake in Macmahon whose board has recommended that shareholders give the deal the greenlight at the extraordinary general meeting today week.
The shares rose 3% to 17 cents yesterday. MNT is sitting on a paper loss of nearly 3.5 cents a share.
