Macmahon Holdings chairman Jim Walker said the contract miner would focus on executing its growth plans after shareholders voted overwhelmingly today in support of a tie-up with Indonesian company PT Amman Mineral Nusa Tenggara (AMNT).
Spanish-controlled CIMIC Group has backed away from its former takeover target Macmahon Holdings, selling its 23.6 per cent stake in the Perth company for $46.8 million.
Macmahon Holdings has finalised documentation for what is a potentially transformational deal with Indonesia's PT Amman Mineral Nusa Tenggara, two months after announcing a heads of agreement in the midst of a hostile takeover battle.
Construction and contract mining giant CIMIC Group's quarterly profit has jumped 23 per cent and the company says it has solid pipeline of potential projects and opportunities to expand its mining and mineral processing activities.
SPECIAL REPORT: The mergers and acquisitions market was eventful in the March quarter, with Chinese and private equity investors to the fore, multiple WA businesses on the block, and a surprise advisory switch on a key takeover.
A suite of contract announcements has been made for Gold Road Resources' $507 million Gruyere project, including for GR Engineering Services, Maca and Civmec, while Macmahon Holdings said today it had been selected as preferred contractor for a new Queensland coal mine.
Macmahon Holdings' second-largest shareholder, Forager Funds Management, has increased its stake in the Perth company by securing $10.6 million worth of shares.
The Takeovers Panel has declined to look into construction giant CIMIC Group's claim that takeover target Macmahon Holdings' target statement was misleading and deceptive.
Spanish-controlled CIMIC Group has stood its ground over its Macmahon Holdings takeover play, telling the market today it would not lift its offer price despite the target entering into a counter-agreement with an Indonesian miner.
CIMIC Group's takeover bid for mining services provider Macmahon Holdings has become more complicated after Macmahon signed a heads of agreement that could give Indonesian miner Amman Mineral Nusa Tenggara a 44 per cent stake in the company.
SPECIAL REPORT - MINING SERVICES: Higher commodity prices and investment to maintain iron ore volumes could help lift mining contractors out of the doldrums after several tough years. Click through to see this and links to four other feature stories.
Macmahon Holdings has called out CIMIC Group for what it says is a low-ball takeover bid, saying the Spanish-controlled company should be aware of the improving market for mining services.
Perth-based NRW Holdings has won a $40 million contract to provide its services to Macmahon Holdings, which is operating at Newcrest Mining's Telfer gold mine in the Pilbara.
Macmahon Holdings has been chosen by an Indonesia-based company to asses options to expand a copper-gold mine, and has been named preferred contractor under a three-year term if plans to expand go ahead.
Construction and contract mining company CIMIC Group has flagged a boost in annual profit of up to 21 per cent in 2017 after delivering a solid rise in profits for the year just ended.
Macmahon Holdings has criticised CIMIC Group's proposed $174 million takeover offer, saying its preliminary view was that it does not represent fair value of the business, and has told its shareholders to take no action.
Gold miners operating in Western Australia performed solidly in the three months to December, with Northern Star Resources, Independence Group and Evolution Mining all posting strong results.
Construction giant CIMIC Group has proposed to acquire all the shares it doesn't own in Perth-based Macmahon Holdings, with the deal valuing the target at about $174 million.
Pilbara Minerals has further bolstered its board with the appointment of Fortescue Metals Group director of operations Nick Cernotta as an independent non-executive director.
SPECIAL REPORT: The median base pay of newly appointed chief executives at listed Perth companies fell this year to $295,000, a survey by Business News has found.
Macmahon Holdings has unveiled the remuneration package for new chief executive Michael Finnegan, adding to a trend in the contracting sector for lower base salaries but greater potential for bonuses.
Sybrandt Van Dyk has announced his resignation as chief executive of Macmahon Holdings, with general manager of surface mining Michael Finnegan to succeed him as head of the local contractor.
Perth-based contractor Macmahon Holdings has flagged a hit to its earnings for the year after terminating its contract in Nigeria and incurring losses at Newcrest Mining's Telfer gold mine in WA.
SPECIAL REPORT: A record high Australian dollar price in June has provided a tailwind for the state's gold sector, and 2017 is looking to be a similarly positive year.
Perth-based mining contractor Macmahon Holdings has confirmed this afternoon that one of its employees was shot dead and seven others abducted near its operations in Nigeria.
The worst might be over for many of the state's mining services businesses, as they seek to bounce back from the effects of the slowdown in resources project development.
Perth-based Braziron has announced plans to delist from the ASX and leave the resources industry through the reverse takeover of a private road safety barriers business in a deal worth $6.3 million.
Fortescue Metals Group plans to move to a full owner-operator model at its Christmas Creek mining operations after Downer EDI's contract expires at the end of September.
The downturn in mining and construction activity in Western Australia has delivered a mixed bag of results for several contractors today, with the major surprise being a downgrade in MACA's revenue outlook.
Yan Lui has resigned from his positions of chief executive officer and Trinidad general manager at Range Resources. Mr Liu will remain on the board of director as a non-executive director.
Newly minted Triton Minerals M.D Garth Higgo has wasted no time in placing his stamp on the company with the appointment of a new Chief Operating Officer, a new Chief Financial Officer and a new Non Executive Director. Mr Higgo was himself only appointed as Chief Executive Officer in December and was previously the Global Director of Mining for Aurecon Group and Calibre Global.
Western Australia's highest paid mining contractor is set to lose that title, after NRW Holdings joined most of its peers in cutting the salary of its chief executive by 40 per cent.
Mining services contractor Sedgman has told its shareholders to take no action towards CIMIC Group's $153.1 million offer for all the shares it doesn't already own in the business.
SPECIAL REPORT: Newly appointed chief executives in Western Australia are mostly receiving lower salaries than their predecessors, but retaining plenty of upside through incentive schemes, a survey of nearly 40 new CEO pay packages has found.
SPECIAL REPORT: The 2015 CEO salary survey has some surprising names near the top of the list while some of the state's best chief executives are unexpectedly low down.
