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| Australia's Leighton to acquire stake in Devine  Leighton Holdings Ltd announced that the company had agreed to acquire a strategic 40 per cent stake in listed developer Devine Limited for approximately $94.7 million. The acquisition, which is subject to the approval of Devine shareholders, expected to be in late March, will allow Devine to accelerate its diversification and expansion strategy and further diversifies the Leighton Group into the residential property market. The transaction, if approved, will involve the issue of 94.7 million shares, to bring Devine's total shares on issue to 236.8 million.In 2005/06 year, Devine recorded a net profit after tax of $18.9 million from revenue of $571.7 million and has forecast that it will exceed this result in 2006/07. Leighton Holdings Ltd. is the parent company of Australia's largest project development and contracting group. Founded in 1949, the organisation has grown into a diversified group that includes Thiess, John Holland, Leighton Contractors, Leighton Asia, and Leighton Properties. write your comments about the article :: © 2007 Construction News :: home page |