The global property developer is facing calls from its major shareholders to carve off its international division. The banks are now exploring those options.
Already a subscriber?Lendlease has appointed three investment banks as the property giant contemplates structural change ahead of a critical investor strategy presentation and amid calls from its largest shareholders to carve off its entire international division.
Lendlease’s decision to bring in advisers followed a detailed, seven-page proposal from Tanarra, run by former Credit Suisse banker John Wylie, which labelled the company arrogant and suggested it abandon its existing strategy and exit all of its international construction efforts. Tanarra owns around three per cent of Lendlease.to Tanarra, and wanted Lendlease to scrap overseas projects and cut capital costs.
“We are supportive of Tony Lombardo, the board and management team taking bold steps to accelerate and extend these initiatives even further,” said HMC Capital chief executive David Di Pilla. The Australian Competition and Consumer Commission, meanwhile, is scheduled to rule on Lendlease’s $1.3 billion communities sale to Stockland on April 18.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX 200 LIVE: Banks, miners push ASX to record high; Wall St gainsShares hit record high, gold, lithium, iron ore miners gain. Citi warns on Ramsay’s French hospitals. Dow Jones nears 40,000 points. Retail sales ahead. Follow here.
Read more »
ASX 200 LIVE: ASX to slip, Wall St edges lowerAustralian shares are set to follow New York with a modest opening loss. Citi sees ‘profit-taking’ risk for ASX 200. Bitcoin rallies. Follow updates here.
Read more »
ASX: global equity rally could push ASX 200 to reset recordHopes of rate cuts from major central banks in the first half of the year are continuing to buoy equity markets, making this week’s local inflation data pivotal for investor sentiment.
Read more »
ASX 200 LIVE: ASX to slip, US equities reset record highsShares are set to edge lower; US equities reset record highs; gold, oil ease; Reddit leaps on debut, while Apple slumps on lawsuit; ANZ sees iron ore floor. Follow updates here.
Read more »
SIG ASX: Chemist Warehouse records surging sales, profits ahead of ASX debutThe results were detailed in a financial update from Sigma Healthcare, with which it intends to merge. The deal still requires regulatory approval.
Read more »
ASX 200 LIVE: ASX to rise, S&P 500 resets record highASX futures add 0.6pc, Fed policymakers reiterate rates cut are approaching. $A rallies, bitcoin rebounds. Gold jumps. Follow updates here.
Read more »