Punj Lloyd chases Australia's Macmahon construction unit

SYDNEY Thu Jan 10, 2013 5:16am IST

Related Topics

Stocks

   
Rajalakshmi (C), 28, smiles after winning the Miss Wheelchair India beauty pageant in Mumbai November 26, 2014. REUTERS/Danish Siddiqui

Miss Wheelchair India

Seven women from across India participated in the country's second wheelchair beauty pageant, which aims to open doors for the wheelchair-bound in modelling, film and television, according to organisers  Slideshow 

SYDNEY (Reuters) - Punj Lloyd Ltd (PUJL.NS), stepped up its offer for the construction business of Macmahon Holdings Ltd (MAH.AX) on Thursday, looking to trump a current deal with Leighton Holdings Ltd (LEI.AX).

Punj Lloyd unit Sembawang Australia said it would offer A$38 million for Macmahon's construction businesses, including its rail business. Alternatively, it is offering to beat Macmahon's existing A$20 million agreement with Leighton for the construction assets, minus the rail business, by A$5 million.

Macmahon, which is shedding its construction arm to become a full service mining contractor, said its board was considering the proposal.

Macmahon last week distanced itself from Punj Lloyd's original approach, which did not include a dollar figure, saying it could not offer the Indian firm due diligence due to exclusivity arrangements with Leighton.

Macmahon said in December it planned to exit construction and announced a deal to transfer the majority of its construction assets to Leighton. Construction group Leighton owns 24 percent of Macmahon, according to Thomson Reuters data.

Macmahon shares jumped as much as 5.5 percent in morning trade on news of the revised offer and were last trading up 3.6 percent at A$0.285. (Reporting By Maggie Lu Yueyang; Editing by Richard Pullin)

FILED UNDER:

REUTERS SHOWCASE

WTO Trade Deal

WTO Trade Deal

WTO clinches first global trade deal in its history  Full Article 

Kashmir Attack

Kashmir Attack

Ten dead in Kashmir's worst militant attack in more than a year  Read 

OPEC Meeting

OPEC Meeting

Saudis block OPEC output cut, oil price sinks further.  Full Article 

E-Commerce Boom

E-Commerce Boom

Online grocers come up trumps in India's e-commerce boom   Full Article 

GDP, RBI Preview

GDP, RBI Preview

GDP growth set to weaken, business wants reforms more than rate cut  Full Article | Related Story 

Jaitley to Rajan

Jaitley to Rajan

Jaitley likely to meet Rajan on Monday to urge rate cut  Full Article 

Banking Sector

Banking Sector

India moves to allow more businesses to offer basic financial services.  Full Article 

Jamini Roy

Jamini Roy

Photo Gallery – Bengali household name Jamini Roy’s paintings  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage