South Africa's Murray & Roberts has made key progress toward its proposed $435 million acquisition of Australian engineering firm Clough by obtaining shareholder and regulatory approval for the takeover bid.

At a general shareholders meeting of Murray & Roberts, which already own a majority stake in Clough, shareholders gave their approval to the proposed acquisition of all outstanding shares in the Perth-headquartered engineering and project services firm. The South African firm also announced that it had received a letter from…