Clough’s group-wide focus on improving its performance has supported strong growth in profits in 2013.

Murray & Roberts plans to acquire 100% of Clough

The proposed acquisition by Murray & Roberts
of the remaining shares in Clough will further
strengthen the Group’s position in the key
markets it has identified for future growth.
“We have identified energy (oil, gas and
power) and mining and minerals as the sectors presenting the best medium-term to longterm growth opportunity, and which will most likely enable us to deliver the returns our
shareholders expect,” said Henry Laas.

“This proposed transaction is strategically
compelling, consistent with our long-term
growth plans and the next logical step to fulfil
our strategic objectives.”

If concluded, the transaction will create a
focused international diversified engineering
and construction business, leveraging
respective capabilities and management
competencies across Australasia, Southeast
Asia and Africa.

Furthermore, it will also create a strong
platform for further expansion of the
Group’s international business, increasing
Murray & Roberts’ exposure to target market
sectors which are considered to present
long-term growth potential and allowing
Murray & Roberts and Clough to better
leverage Clough’s oil and gas capabilities
and expertise into opportunities in Africa.
By acquiring 100% of Clough, Murray & Roberts will secure full control
of its operations, assets, cash flow
and strategic direction and simplify the
corporate and operating structure of the
consolidated group. It is expected that the
transaction would be immediately earnings
per share accretive.

The transaction is subject to:
• Final approval by Murray & Roberts
following due diligence
• N egotiation and execution of a scheme
of implementation agreement between
Murray & Roberts and Clough
• A unanimous recommendation by Clough
independent directors in support of the
transaction following an independent expert
determining that the transaction is in the
best interests of Clough.

Murray & Roberts has had a long association
with Clough since initially acquiring a
shareholding in 2003.