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Punj Lloyd unit plans to outbid Leighton to buy Australian firm

Punj Lloyd unit says it plans to buy Australian construction firm in a two-part offer for 25 mn Australian dollars
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First Published: Thu, Jan 03 2013. 03 46 PM IST
The proposal to acquire is made through Sembawang Engineer’s wholly-owned subsidiary, Sembwang Australia. Photo: Pradeep Gaur/Mint
The proposal to acquire is made through Sembawang Engineer’s wholly-owned subsidiary, Sembwang Australia. Photo: Pradeep Gaur/Mint
Mumbai: Sembawang Engineers and Constructors Pte Ltd, a unit of Punj Lloyd Ltd, said it plans to buy the construction business of Macmohan Holdings Ltd, a leading Australian contract mining and construction company, in a two-part offer for 25 million Australian dollars.
The proposal to acquire is made through Sembawang Engineer’s wholly-owned subsidiary, Sembwang Australia Pty Ltd. Macmohan Holdings is listed on the Australian Stock Exchange.
The first part of the offer is to purchase Macmohan’s construction business as going concerns or a counter proposal to the asset purchase agreement made by Leighton Holdings Ltd, on identical terms, for an additional consideration of 5 million Australian dollars, which is the second part of the offer.
Both these separate offers are the subject of satisfactory due diligence and Sembawang board approval by 31 January, the company informed BSE Ltd.
Last month, Leighton Holdings Ltd, which owns a 24.2% stake in Macmohan, said it would acquire the majority of the company’s construction projects and plant for around 20 million Australian dollars.
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First Published: Thu, Jan 03 2013. 03 46 PM IST
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