Takeover

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<p>Queensland's biggest builder, Impact Homes, has taken a 4.9 percent stake in its rival, the Simonds Group.</p>
<p>McDonald Jones, the biggest builder in NSW, also holds just over 5 per cent of the ASX-listed stock. </p>
<p>Last month Gary Simonds reached an agreement with Melbourne's wealthy Roche family to take the home builder private with shareholders to vote on the plan in early November.</p>
<p>The Simonds family who own 39 percent of the stock are unable to vote on the scheme.</p>
<p>Simonds posted a $14.9 million annual loss for fiscal 2016.</p>
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Home builder rivals amass stake in Simonds Group

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<p><span>Westfield Corp</span><span> shareholders have voted in favour of a $16 billion takeover by Unibail-Rodamco.</span></p>
<p><span><span>The approval was the final hurdle for the takeover.</span></span></p>
<p><span><span>It has already received the green signal from Unibail shareholders, boards of both companies, as well as Australia’s Foreign Investment Review Board.</span></span></p>
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Westfield shareholders approve Unibail-Rodamco deal

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<p>Unibail-Rodamco has completed the acquisition of Westfield.</p>
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<p>Unibail-Rodamco-Westfield combines two of the strongest and most respected names in the real estate industry to build on their legacies.</p>
<p>With a portfolio valued at €62 billion, of which 88 percent is in retail, seven percent in offices and six percent in convention and exhibition venues.</p>
<p>Unibail-Rodamco-Westfield owns and operates 102 shopping centres in 13 countries, of which 56 are flagships in the most dynamic cities in Europe and in the United States.</p>
<p>Its centres welcome 1.2 billion visits per year.</p>
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<p data-reactid="403">The $32 billion takeover of Frank Lowy's retail landlord giant Westfield only ever faced mooted opposition.</p>
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<p>Under the headline, Macquarie Capital buddies up to Unibail-Rodamco, the Australian Financial Review fleetingly noted that Macquarie Capital was the latest investment bank to pick up consultancy fees in Australia's biggest ever takeover.</p>
<p>After Unibail-Rodamco's $32 billion cash and scrip bid for Westfield Group, sources told the AFR's Street Talk said the Paris-headquartered Unibail "hauled in" Macquarie's bankers to help with elements of the "deal execution", helping Unibail manage its foreign currency risk. </p>
<p>Macquarie was the latest in a long list of banks to secure a place on Unibail's side of the deal ticket. </p>
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<div>Goldman Sachs and Deutsche Bank were first there, while others involved include Morgan Stanley, JPMorgan and Bank of America Merrill Lynch.</div>
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<div>All up advisory fees on the deal topped $US100 million. </div>
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<p>A byproduct of Macquarie's role was that its real estate research analysts, spearheaded by Rob Freeman, were placed on restriction effective mid-takeover consideration. </p>
<p data-gtm-vis-first-on-screen-7770372_137="22062" data-gtm-vis-total-visible-time-7770372_137="4000" data-gtm-vis-has-fired-7770372_137="1">Macquarie Equity's team equities research team was one of the few that initially did not hold back. </p>
<p>Macquarie noted while the transaction had strategic merit, but needed financial merit.</p>
<p>"We do not believe the current terms are compelling enough for WFD unitholders," it fleetingly suggested before the clamp came. </p>
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<div>But no higher offer ever emerged.</div>
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<div>The transaction had been unanimously recommended by Westfield's board as well as Unibail-Rodamco's management board and supervisory board</div>
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<div>Under the terms of the offer, Westfield shareholders will receive 0.01844 Unibail shares and $US2.67 for every Westfield security they hold. 
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<p>Unibail initial terms were handing over cash worth $US5.6 billion to Westfield securityholders, as well as 38.7 million of its own shares. </p>
<p>Taking into account exchange rates and share price movements, the pocketed offer was less than the $10.01 when the deal was announced in December. </p>
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Unibail-Rodamco completes the acquisition of Westfield

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<p>Canadian agricultural company Nutrien has offered Ruralco a $469 million all-cash takeover proposal.</p>
<p>Nutrien has offered $4.40 a share for the company, representing a premium of roughly 44 per cent to Ruralco's Monday closing stock price of $3.06</p>
<p>If the deal goes ahead, it would reduce Australia's major farm sector service landscape from three to two players - Nutrien and Elders. </p>
<p>Landmark, an Australian subsidiary of Nutrien, is a rural services and supplies company with over 200 branches across Australia.</p>
<p><span>Ruralco, which includes about 500 agricultural selling agency, merchandise and water industry businesses Australia-wide, has entered into scheme implementation arrangement with the North American fertiliser and crop chemical supply business.</span></p>
<p>Ruralco's board has unanimously recommended the transaction in the absence of a superior proposal, the company said in a statement.</p>
<p>The deal is still however subject to <span>approval from the Australian Competition and Consumer Commission (ACCC) and the Foreign Investment Review Board (FIRB).</span></p>
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Canada's Nutrien pursuing $470 million Ruralco takeover

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<p><span>A major Japanese company is reported to be considering a takeover of t<span>he $7.21 billion real estate and construction group </span><span>Lendlease.</span></span></p>
<p><span><span>The Australian reported it was a takeover target, with shares rising in early trade this morning by almost nine percent to $13.97.</span></span></p>
<p><span><span>The shares fell back to $13.55 after the company responded at 11am with "</span></span>Lend Lease notes speculation in today's The Australian regarding potential corporate activity."</p>
<p>"Lend Lease confirms it has not received any such approach."</p>
<p>According to the report, a major Japanese company, suspected to be Mitsui, was believed to be plotting an acquisition of the company.</p>
<p>The Japanese company is rumoured to be interested in acquiring the company and then breaking it up and offloading different parts to other suitors.</p>
<p>Last month Lend Lease was dubbed an "underperforming large cap property stock" by JP Morgan which flagged them as potential takeover targets.</p>
<p>Lendlease was hit hard on a profit warning late last year due to issues with its engineering business.</p>
<p>The property and construction group is currently trying to sell its engineering arm.</p>
<p><span>Lend Lease faces a shareholder class action lawsuit relating to its shock profit downgrade but JP Morgan doesn’t think this will be much of a deterrent to potential suitors.</span></p>
<p><span><span>Lendlease share price is trading lower than its 52-week high of $21.73.</span></span></p>
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Japanese takeover looms for real estate group Lendlease

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<p>Queensland residential developer Villa World has agreed to be taken over by private equity-backed Avid Property.</p>
<p>Avid have offered a cash offer price of $2.34 per share in its revised proposal.</p>
<p>Born out of Investa Land, Avid Property Group is a diversified Australian property development business with a $3 billion portfolio of residential, industrial and commercial projects.</p>
<p>The board of directors of Villa World unanimously recommend that its shareholders vote in favour.</p>
<p>The $2.34 per share represented a 17.8% premium to the Villa World closing share price of $1.99 on 14 March 2019.</p>
<p>Since 1986, Villa World has created over 19,000 properties across Australia with more than 45,000 Australians calling a Villa World address their home.</p>
<p>The company has been operating as a listed entity for over 30 years.</p>
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