Business Services Industry
Lend Lease Corporation (LLC) $8.90.
Australasian Business Intelligence, June, 2003
Jun 02, 2003 (Your Money Weekly - ABIX via COMTEX)
Lend Lease (LLC) has released the results of the review of its Real Estate Investments (REI) business. The review, which has resulted in LLC making a further writedown of as much as $US300 million ($A462 million) after tax on the REI business, was instigated by Greg Clarke, the new CEO of LLC. It concluded that LLC's purchase of Boston Financial Group and five AMRESCO businesses, which comprise the basis of LLC's US REI operation, had led LLC into an area in which it had no expertise, and that there was little in the way of synergies between the US REI business and other parts of LLC. Investors are not advised to consider acquiring Lend Lease shares until they are trading at between $A7.70 and $A8.30.
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