Business Maverick: Murray & Roberts: A game of cat and mouse

Investors in Murray & Roberts are holding their collective breaths while they wait to see whether Aton, the German investment company that is hell-bent on acquiring control of it will pursue the acquisition following the recommendation by the Competition Commission that the merger be prohibited.

Having come this far it seems unlikely that Aton will walk away. The company has been stalking Murray & Roberts since acquiring shares in 2015 and launching an outright bid for control in March 2018. It holds about 45% of the issued shares and recently extended the long stop date on its mandatory offer to all Murray & Roberts shareholders to the end of September, pending a decision from the competition authorities.

The Competition Commission is concerned that the merge of these mining businesses will be anti-competitive.The merging parties are close competitors and … this transaction will, for both parties, result in the removal of their closest and strongest competitor,” the statement from the Commission read.

While the commissioners would have considered these arguments, Burger-Smidt, wonders whether the development of an African, and possibly global champion, would not be in South Africa’s better interests?Long gone are days when it is easy to mine underground. We need to do things better, innovative technology and know-how is required and this comes at a cost.”

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