Macmahon denies interest in Thiess’ Indonesian assets

Image: Macmahon Holdings

Macmahon has stated there have been no discussions with CIMIC Group to acquire Thiess’ Indonesian assets despite speculation indicating otherwise.

Macmahon has denied the speculation in an article by The Australian, which suggested it was interested in the CIMIC Group company.

According to The Australian, Macmahon was “thought to be well positioned to buy the business.”

Macmahon refuted this by stating, “As noted in the article, discussions are not currently underway between Macmahon and CIMIC.

“Macmahon confirms it is in compliance with its continuous disclosure obligations.”

In March 2017, the CIMIC Group had tried and failed to acquire Macmahon.

CIMIC, which already owned 20.54 per cent of Macmahon prior to the takeover attempt, offered 14.5 cents per share for the remaining Macmahon stake, which valued the company at around $175 million.

Macmahon, however, described the offer as inadequate, stating it was neither fair nor reasonable.

In a move to block the takeover, Macmahon entered into a heads of agreement to acquire the assets of Indonesian company, PT Amman Mineral Nusa Tenggara (AMNT), which moved ahead in July 2017.

Six months after CIMIC’s takeover attempt, the company sold its 23.64 per cent stake in Macmahon for $46.85 million.

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