The Lendlease Group (ASX: LLC) share price has jumped on a rumour.
Lendlease is a listed property group specialising in project management and construction, real estate investment and development. The business has been operating for over 60 years and now has around 13,000 employees across Australia, Asia, Europe and the Americas.
Is Lendlease About To Be Bought?
According to rumours reported in the The Australian, the business is understood to be a takeover target by Japanese company Mitsui.
In response to this, the Lendlease share price is currently up by 8.4%, recovering the lost ground it has suffered from this month.
In response, Lendlease said that it had noted the speculation in the newspaper and that: “Lendlease confirms it has not received any such approach“.
I certainly feel that Lendlease looks a lot more attractive than it did a year ago with the share price down almost 25%.
I don’t think Lendlease looks like a cheap buy after the rise today, but I do think its long term outlook does look compelling (although there may be short term problems with a local or global downturn in the next couple of years).
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