Australia's Leighton acquires 40 pct of Devine for 94.7 mln aud |
|
|
|
Published
:
Thu, 01 Feb 2007 00:13
|
SYDNEY (XFN-ASIA) - Construction group Leighton Holdings Ltd has acquired 40 pct of property developer Devine Ltd for 94.7 mln aud, Leighton said.Leighton, which is 54.2 pct owned by Germany's Hochtief AG, said it would fund the transaction by issuing 94.7 mln Devine shares at an assumed issue price of 1.00 aud per share.The new shares are to be issued at the volume weighted average price of Devine stock in the 20 trading days up to yesterday.The issue is subject to the approval of Devine shareholders, and a resolution is expected to be placed before them late next month.Leighton chief executive Wal King said his company's investment would allow Devine to accelerate its diversification and expansion.'We believe that Devine, a leading home-builder and developer in Australia's residential property market, provides the group with a great opportunity to further diversify,' he said.Devine offers housing in the states of Queensland, Victoria and South Australia, as well as high-rise developments, particularly within metropolitan Brisbane.(1 usd = 1.29 aud)paul.daniel@xfn.com
|
|
|
|
Print this Story
Australia's Leighton wins 500 mln aud of new work in Australia, India 