Hostile takeover bid for Bowen Basin operator
THE world's largest contract miner has launched a hostile takeover bid for major Bowen Basin operator Macmahon Holdings.
CIMIC Group, which already owns 20.54% of Macmahon shares, announced to the ASX on Tuesday it would make a final, unconditional offer on the remaining shares.
The bid is believed to be worth $172 million.
Following the conclusion of the offer, CIMIC said it intended to finds ways the two could benefit from complimentary skills and capabilities, and analyse the composition and value of Macmahon's assets.
The company said it would retain existing employees, and in cases where roles may no longer be required it would aim to redeploy workers within the company.
CIMIC has received Foreign Investment Review Board approval for the acquisition.
The ACCC does not intend to review the bid.
CIMIC acquired labour hire contractor UGL in December, which also operates in the Bowen Basin.