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Family to cede control of Clough

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Date: 27/8/2004
Author: Yvonne Ball
Source: The Australian Financial Review --- Page: 65
Australian construction and engineering firm, Clough, has signed a deal with Murray & Roberts. Over the next three to four years control of the Clough family's company will pass to the listed South African group. Discussions between the two parties began two and a half years ago. In late August 2004, they announced that Murray & Roberts would buy 60 million of the Clough family's shares for $A0.68 each. Earlier, Clough reported a net profit of $A16.2 million for 2003-04. This compares with a net loss of $A9.5 million the previous year.