Sydney, July 30, 2007 (ABN Newswire) - In a statement to the ASX this morning, Macmahon Holdings announced it has decided not to pursue "a closer relationship" with Leighton Holdings in the best interest of its shareholders. However, Macmahon confirmed Leighton has purchased a 4.9 per cent sake in the company. Leighton made an unsolicited proposal to build a significant stake in the contractor through a share placement. For its part, Leighton says it has no "current" intention make a bid for Macmahon. Macmahon Holdings saw earnings ease to just over $7.5 million in 2006

A Ukrainian mining firm may have been the buyer of a 10 per cent stake in Consolidated Minerals on Friday. The move has the potential to derail a bidding war for the Australian firm. The Australian Financial Review is reporting that Ukraine's Privat Group wanted at least a 5 per cent of Consolidated to protect its supply of high-grade manganese ore, but may have taken 10 per cent to force any buyer of Consolidated to negotiate. Consolidated Minerals is the subject of competing bids from investment group Pallinghurst Resources and Territory Resources. Consolidated Minerals posted a lost in 2006 after posting record earnings the previous year.

Evans & Tate has agreed to a bail-out package that includes McWilliam's Wines taking a 25 per cent stake in the group. Under the deal Evans & Tate's debts will be slashed, with ANZ bank agreeing to convert $50 million of debt into shares. $10 million worth of those shares will be bought by McWilliam's with the remainder to be held in a "special purpose" vehicle partially owned by ANZ. Evans & Tate's managing director said the deal will give stakeholders far greater potential to see value return for their shares. Evans & Tate was last profitable in 2004.


Source: Finance News Network © 2007 http://www.finnewsnetwork.com.au

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>>> CONSOLIDATED MINERALS LIMITED
>>> EVANS & TATE LIMITED
>>> LEIGHTON HOLDINGS LIMITED
>>> MACMAHON HOLDINGS LIMITED