May 22, 2018 / 7:34 AM / a month ago

ATON raises stake in South African target Murray & Roberts to 40 percent

JOHANNESBURG (Reuters) - German investment house ATON has raised its stake in South African builder Murray & Roberts (MURJ.J) to nearly 40 percent, it said on Tuesday.

ATON, which already held about a third of the stock, is in the middle of a $400 million takeover bid for the rest of Murray & Roberts.

The bid has been rejected by Murray and Roberts, which itself has started all-share merger talks with rival Aveng (AEGJ.J).

Reporting by Tiisetso Motsoeneng; editing by Jason Neely

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