Murray & Roberts advertising board.
JOHANNESBURG - Murray and Roberts (M&R) yesterday secured a major psychological victory over Aton when the Competition Tribunal interdicted the German investment company from exercising more than 50 percent of its voting rights on the listed multinational engineering and construction group’s takeover bid of Aveng. 

The tribunal also dismissed Aton’s claim that M&R’s bid to restrict voting on the transaction was not urgent and self-created. “The Competition Tribunal has interdicted and restrained Aton and Aton Austria Holdings, or their agents, from exercising voting rights representing more than 50 percent less one vote of the votes cast in respect of a resolution to be heard at a general meeting scheduled for Tuesday, June 19,” the tribunal ruled. 

Last week M&R approached the tribunal to intervene on its shareholders’ meeting to vote on Aveng today. Last week, Aveng shares plummeted more than 50 percent to 13 cents as the tussle between the two continued.

- BUSINESS REPORT