A proposed disposal by Murray & Roberts (M&R) of its Clough unit to Webuild was terminated on Monday and Clough and its subsidiaries placed into voluntary administration in Australia with immediate effect, together with the JSE-listed groups Australian holding company, MRPL.
The announcement triggered a sharp decline in M&Rs shares, which were trading about 13% lower directly following the announcement.
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In a surprise move, M&R announced a proposed sale and purchase agreement with Webuild, of Italy, on November 18, whereby the groups entire issued share capital in Clough Limited would be transferred to Webuild.
The agreement was coupled to a proposed interim loan facility of A$30-million from Webuild to Clough, which requi…
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