Clough bought out by South African shareholder

Engineering and project services company Clough has been bought out by South African company Murray & Roberts.

Over 99 per cent of Clough’s minority shareholders on Friday accepted a $435 million offer which will see the contractor delist from the ASX.

The deal is worth $1.46 per Clough share, including a fully franked special dividend of .14 cents per share.

In a statement Clough said it will seek approval from the Federal Court, with a hearing scheduled on November 20.

If approved, it is expected Clough shares will cease trading on the ASX on November 21.

Murray & Roberts is an engineering, contracting and construction services company; with projects including Rio Tinto’s Diavik diamond mine in Canada, and Chevron’s Gorgon LNG project on Barrow Island in Western Australia.

“Murray & Roberts has had a long association with Clough since initially acquiring a shareholding in 2003," Henry Laas, Murray & Roberts Group Chief Executive said.

He said the Clough acquisition is an integral part of Murray & Roberts' strategy.

"This proposed acquisition is strategically compelling, consistent with our long term growth plans and the next logical step to fulfil our strategic objectives," Laas said.

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