SA construction group Aveng Ltd has won High Court approval to purchase rival construction and engineering firm LTA in a deal worth up to R1.4bn. The deal, which effectively moulds Aveng into Africa’s biggest listed diversified construction and engineering firm, entails an offer of R46 in cash for each ordinary LTA share. LTA shareholders can also elect to receive 667 shares in the new Aveng/LTA for every 100 LTA shares held. LTA is South Africa’s second largest construction company and is also involved in mining services and engineering. It owns Grinaker, the country’s third largest construction firm. – Reuters