Lend Lease denies Bovis sale rumour
08:42 03 Jun 2004
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Lend Lease, the Australian developer, has quashed rumours that Bovis, its construction management division, might be sold to Multiplex as a result of its £2.6bn proposed merger with General Property Trust (GPT).
GPT, Australia's third-largest property group, is thought to have little interest in Bovis, opening the possibility of an offer for sale, with Multiplex seen as a willing buyer.
However, a spokesman for Lend Lease dismissed the rumours as "speculation and completely unfounded", adding: "Bovis is an integral part of Lend Lease's future strategy."
Lend Lease is now expected to face competition from other property groups for GPT. Multiplex itself could move into the frame, either with a rival bid for GPT or with bids for both GPT and Lend Lease.