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.