South African contractor in bid to buy Clough

Group's major shareholder Murray & Roberts makes $1.46 per share offer for 38.4% stake it does not own.

South African contractor Murray & Roberts has made a bid to buy engineering and project services company Clough Ltd, by nabbing the roughly 40% stake in the group it does not already own. 

M&R, which owns 61.6% of Clough, has made a conditional $1.46 per share offer for the remaining stake in the group. Clough's shares closed at $1.12 last night.

In June, Clough upgraded its fiscal 2013 earnings  before interest and tax forecast to $90 million on revenue of $1.5 billion, on the back of a strong quarterly performance and cost-saving measures.

Fiscal 2014 revenue was tipped at $1.35 billion.