Share Tips 9 April 2010
Macmahon Holdings (MAH) is Australia’s contracting group and operates in the civil construction and mining sectors.
In Australian stock market news, MAH announced it is likely to receive a $90 million contract from a government department very shortly; however it did not provide any further details.
Also, rumours swirled that Leighton Holdings (LEI) has made a takeover bid for MAH. MAH, which is already 18.6% owned by LEI, denied the rumours when questioned by the ASX.
The rumours were sparked after a standstill agreement, where LEI would seek MAH’s approval before increasing its stake above 19.9%, expired last November.
MAH Australian share price has displayed solid performance over the last three months, rising from below 60 cents to a recent high of 88 cents and may be one of the shares to buy.