Takeovers Panel clears the way for Macmahon Indonesian deal

Image: Macmahon Holdings

The Takeovers Panel has decided not to become involved in Cimic’s proposed acquisition of Macmahon Holdings.

As reported by Australian Mining yesterday, Cimic made an application for the Takeovers Panel to review Macmahon’s proposed deal with Indonesia’s PT Amman Mineral Nusa Tenggara (AMNT), which would block the suitor’s bid.

If accepted, Macmahon’s deal with AMNT would see the Indonesian company receive up to 50.1 per cent of the Perth-based contractor’s shares in exchange for about $US150 million of equipment from the Batu Hijau copper-gold mine.

The deal with AMNT would also deliver Macmahon with a major contract at the mine worth about $US2.7 billion over its life.]

Cimic approached the Takeovers Panel because it believed Macmahon’s “target’s statement and first supplementary target’s statement are misleading and deceptive in several aspects including regarding prospective financial information about Macmahon, the AMNT proposed transaction and the independent expert’s report.”

However, the Takeovers Panel “concluded there was no reasonable prospect that it would make a declaration of unacceptable circumstances. Accordingly, the Panel declined to conduct proceedings.”

Cimic’s offer for Macmahon will close tomorrow night.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.