Lend Lease Group

Lend Lease’s share price has fallen 9% since announcing the consolidation of its construction businesses. Combining businesses such as Abigroup and Baulderstone should mean less internal competition for contracts and cost cuts (read staff cuts), though chief executive Steve McCann didn’t specify any cost savings. While the company confirmed analyst estimates for full year earnings of around $550m, further falls in construction and mining activity could eventually produce write-offs given Abigroup, Baulderstone and other businesses were acquired in the takeover of Valemus in 2010 from German construction company Bilfinger Berger for $960m. As we discussed in Property Sector round...

Lend Lease’s share price has fallen 9% since announcing the consolidation of its construction businesses. Combining businesses such as Abigroup and Baulderstone should mean less internal competition for contracts and cost cuts (read staff cuts), though chief executive Steve McCann didn’t specify any cost savings. While the company confirmed analyst estimates for full year earnings of around $550m, further falls in construction and mining activity could eventually produce write-offs given Abigroup, Baulderstone and other businesses were acquired in the takeover of Valemus in 2010 from German construction company Bilfinger Berger for $960m.

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