Lendlease urged to offload international business for survival

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Lendlease,Shareholder,Property Giant

One of Lendlease’s largest shareholders says the property giant is bureaucratic, arrogant and top-heavy, and has urged the company to offload its entire international business “not just for future success, but for its survival”.

One of Lendlease’s largest shareholders says the property giant is bureaucratic, arrogant and top-heavy, and has urged the company to offload its entire international business “not just for future success, but for its survival”. In a detailed, seven-page proposal to the Lendlease board, Tanarra Capital founder John Wylie said the $4.

3 billion company was “unfocused and overextended with multiple, often-unrelated activities spread across four continents”, and he called for Lendlease to exit international construction, which he dubbed a “disaster”. “It’s been a disaster … a business that has generated $33 in revenues since 2017 for only $170 of profits is simply unsustainable,” Mr Wylie wrote in the letter.Founded by Dutch immigrant Dick Dusseldorp in 1958, Lendlease has had an outsized influence on corporate Australi

 

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