Established in 1919, Clough delivers an integrated Engineering, Procurement and Construction service primarily to oil and gas projects in Australia, South East Asia and the USA. The Group's services range from concept development through design, construction, installation, commissioning, operations and maintenance.

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Clough Responds to Forge Proposal

6 April 2010 

Engineering and construction company Clough Limited (ASX: CLO) ("Clough") has been notified by Forge Group Limited (ASX: FGE) ("Forge") that it has received a confidential and non-binding competing proposal from a third party in relation to a change of control transaction.

Clough will consider the competing proposal when those details are known and provide an update to the market at that time.

Clough will also provide details to the market at the appropriate time on Clough's call option agreements with certain major shareholders of Forge in respect of 19.99% of Forge's issued shares.

Clough's ability to call the shares under these agreements is not impacted by competing proposals, whether or not they are considered by the Forge board to be superior.

Through the call option agreements with these Forge shareholders, Clough has a binding right to acquire a 19.99% stake in Forge.

To read the full ASX Release, please download a copy here.