CIMIC resurrects takeover bid for Devine with $15.6m offer
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CIMIC, Australiaâs biggest construction group, is having a second swing at buying the Devine Group, making a new cash offer worth $15.6 million after failing to buy the residential property group five years ago.
CIMIC previously made a takeover offer in late 2015 priced at 75¢ a share, boosting its stake from less than 50 per cent to 59.11 per cent of Devine.
It wanted to buy more of Devine, which builds community projects, houses and apartments in Queensland, Victoria and South Australia but has not started any new residential apartments since 2015.
Its offer was rejected by most minority shareholders, including its second biggest shareholder, Brazil Farming Pty Ltd, which has a stake of 20.55 per cent and is run by Queensland farmer and philanthropist Lyn Brazil.
Chinese investment in Australian property deals collapsed in 2020 while tensions between the two governments grew.
Sino investment in Australian commercial projects worth $10million-plus plunged to $920million in 2020 - down $400million from the year before - Real Capital Analytics told Daily Mail Australia.
The drop isn t over yet either with Chinese state-owned and private investment in the same sector at a paltry $29million for the first three months of 2021.
While Canberra and Beijing engaged in a war of words, Chinese investment in Australian commercial property has fallen off a cliff
The $700million-plus luxury W Hotel at Darling Harbour is managed by Marriott and owned by the Chinese-backed Greaton Group
How hard is Scott Morrison willing to poke the panda? Thatâs a question posed by the governmentâs review of the Chinese company Landbridgeâs 99-year lease of the Port of Darwin.
The defence department is to advise on the security implications of the lease, granted by the Northern Territory government in a $500 million highly controversial deal in 2015.
At the time, then-United States president Barack Obama chided prime minister Malcolm Turnbull for not giving the Americans a heads up about the deal.
Turnbull added insult to injury by suggesting the president should subscribe to the NTâ News, where it was reported.
How hard is Scott Morrison willing to poke the panda? That’s a question posed by the government’s review of the Chinese company Landbridge’s 99-year lease of the Port of Darwin.
The defence department is to advise on the security implications of the lease, granted by the Northern Territory government in a $500 million highly controversial deal in 2015.
At the time, then-United States president Barack Obama chided prime minister Malcolm Turnbull for not giving the Americans a heads up about the deal.
Turnbull added insult to injury by suggesting the president should subscribe to the NT News, where it was reported.
Tabcorp has its own horse in the bidding race, and itâs out in front
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April 27, 2021 â 3.26pm
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Weâre off to the races in the contest to see who will win ownership of Tabcorpâs wagering and media business. UK-based gaming giant Entain has just sprinted past a few others in the pack thanks to raising its offer price by half a billion dollars to $3.5 billion.
While there is a long way left to run, at this point Entain isnât in the lead.