PIC rejects Aton’s takeover offer for M&R

South Africa’s Public Investment Corporation (PIC), the second-biggest shareholder in Murray & Roberts (M&R), said on Monday it had rejected an offer by Germany’s Aton to acquire the engineering and construction firm. M&R’s biggest shareholder German investor Lutz Helmig’s Aton, which owns more than a third of the South African firm, made a buyout offer of R15 ($1.3) a share for M&R last month valuing the company at nearly $600-million.