Bradken look to acquire Austin Engineering

Bradken has made moves to acquire mining equipment manufacturer Austin Engineering.

It has made a “non-binding and indicative proposal to acquire all of the ordinary shares in Austin that it does not currently own,” the company said in a statement.

Bradken currently holds 21.52% of Austin.

It said the initial view of the Austin board is that it is willing to engage in discussions over the acquisition proposal.

Bradken has already appointed Merril Lynch and King & Wood Mallesons as its financial and legal advisors respectively to assist with the proposal.

Austin has recently expanded its manufacturing capabilities in Australia.

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