METS

Austin drops profit guidance, acquires SA firm

AUSTIN Engineering has dropped its earnings outlook and signed a binding contract to acquire 74.9% of South Africa-based Van Reenen Steel for $A21.8 million in cash and shares.

Andrew Duffy
Austin drops profit guidance, acquires SA firm

The deal will include the issue of 12.6 million shares at $1.70 each and $300,000 cash, pending due diligence and shareholder approval. Completion of the deal is expected by the end of July. VR...

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