The operator of realestate.com.au is mulling a tie-up with UK’s top property portal, but the market isn’t sold on the move.
News Corp-controlled online real estate group REA’s shares have slumped after the group was forced to reveal it was considering a cash and share offer to buy UK counterpart Rightmove.
Shares in REA dropped more than 7 per cent once trading resumed and were trading at $202.98 in the afternoon session. It said there was “no certainty an offer would be made, nor as to the terms on which any offer would be made”, and advised shareholders they did not need to take any action.’s Street Talk column reported that REA Group chief executive Owen Wilson had been working with Deutsche Bank as advisers on a potential takeover. REA executive manager for investor relations Angus Urquhart told the publication on Sunday he could “categorically confirm” the group was not yet in discussions with Rightmove.
“The UK has high GDP per capita, so there’s monetisation opportunity, and Rightmove is already the number one,” Keulen said.“If they see CoStar, who’s already the leader in commercial real estate listings and data, if they become a globally relevant player in residential – that’s a long-term issue for REA,” he said.
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