Then there was one.
THIRD CQ mining contractor swallowed up by biggest fish in the business
Wednesday 25 January 2017
Macmahon Holdings is the latest Central Queensland mining contractor to become the target of Australia’s biggest contract mining services business Thiess.
This week Thiess parent company CIMIC (formerly known as Leighton Holdings ) made a $175 million takeover bid for Macmahon which if successful will further consolidate contractor options in Central Queensland.
Perth-based Macmahon has only one drilling contract in Central Queensland at the moment, but as recently as 2012 it had 360 people working at the Saraji Coal mine before BMA put it into care and maintenance.
In the last twelve months, CIMIC has also acquired two other Central Queensland mining contractors Sedgman and UGL.
While UGL has been most active in the CSG sector, Sedgman - which it purchased for more than $240 million - had work packages at the Daunia, Coppabella, Dawson, Caval Ridge, Lake Vermont, and Moorvale mines.
CIMIC already own 20% of Macmahon, and the bid for the remainder of the company represents a premium of 31% on Macmahon's share price before the bid.
CIMIC says if the bid is successful, they will delist Macmahon from the Australian Stock Exchange, and conduct a strategic review of the Macmahon business under their ownership. They "aim to find a new position for any employee whose role is deemed surplus to requirements".
Currently, Thiess has contracts at Curragh North, Jellinbah, Isaac Plains, QCoal’s Northern Hub, Peak Downs, Dawson, South Walker Creek, Broadmeadow, Tarong, Poitrel, Middlemount and Lake Vermont mines.They also have some upstream contracts servicing Gladstone’s major CSG businesses in the Surat Basin.
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