10-11-2015, 06:37 PM
(30-05-2015, 11:04 PM)greengiraffe Wrote: [ -> ]Leighton-CDL deal close
190 words
29 May 2015
The Australian Financial Review
AFNR
English
Copyright 2015. Fairfax Media Management Pty Limited.
Singapore's City Developments Limited is believed to be closing in on the acquisition of Leighton Properties' residential division, sources said.
The Australian Financial Review revealed in February that the Spanish company that controls Leighton had launched a fresh sales process for Leighton Properties through its adviser, Bank of America Merrill Lynch.
The decision followed the collapse of negotiations with Stockland and CDL late last year to buy the entire business.
However, it's understood CDL has been lured back into the auction and may be willing to pay about $400 million for the lucrative residential arm. A deal is expected to be wrapped up within four weeks.
Street Talk can also reveal that Leighton Properties will now hold off on the sale of the commercial projects - which Charter Hall Group has been eyeing - until the residential sale has been completed.
Leighton Properties' residential developments include Erko at Erskineville, with over 300 apartments, and AQUA, a 129-unit tower at Bondi Junction in Sydney.
The crown jewel, though, is a twin-tower project planned in St Leonards on Sydney's north shore.
Fairfax Media Management Pty Limited
Document AFNR000020150528eb5t00006
Gameover liao for CDL... all sorts of reasons but perhaps really don't need to buy something that doesn't fit to waste time...
CIMIC eyes full control of Devine
- THE AUSTRALIAN
- NOVEMBER 10, 2015 10:41AM
Greg Brown
[Image: greg_brown.png]
Property Reporter
Sydney
[b]Spanish-controlled CIMIC Group will pursue a full takeover of troubled listed housing developer Devine Group.[/b]
CIMIC, which already owns 50.63 per cent of Devine, has announced it intends to take control of the entire company.
It will offer 75c per share for Devine, a 24 per cent premium to its share price close last night, which was 61.2c.
The offer values the company at $119 million.
The move comes after Devine (DVN) warned in October that it would not meet its earnings guidance for 2015 and said earlier this month that its chief executive had resigned.
CIMIC (CIM), formerly Leighton Holdings and a major shareholder in Devine for more than eight years, said it had historically been supportive of the group’s management and board.
“However, the recent profit downgrade and rapid deterioration in Devine’s performance have caused the CIMIC board to conclude that decisive action must be taken to ensure that the value of Devine is protected for all shareholders,” the suitor said today.
Hochtief, the Spanish-controlled owners of CIMIC, last year attempted to sell Devine as part of an attempt to find efficiencies.
It then ditched a long-running sales process in May after failing to reach an agreement with any prospective buyer.
CIMIC came under fire from other investors in June when it was revealed that the majority shareholders rejected an all-cash offer of 90c a security from private equity firm Proprium Capital Partners.
That offer was a 15 per cent premium to its then share price of nearly 80c, although it was well down on its net tangible assets of $1.55 per security.
Disgruntled investors were critical of the sales process and Devine’s share price has continued to slide.
Its most recent profit downgrade was largely blamed on its constructions business, with its general manager Mike Tucker resigning at the time of the announcement. The company had previously forecast profits of $13m.