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Macmahon Holdings Ltd, an Australian construction firm, said it had made a $446 million ($US429 million) all-share bid for Ausdrill Ltd, to create a $1.4 billion mining contracting and civil construction group.

Macmahon said its offer of 1.45 of its shares for every Ausdrill share valued Ausdrill at $2.59 a share, implying a 32.7 per cent premium to the closing price on May 20.