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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Disclaimer: Any information contained in this article is limited to general financial/investment advice only. The information has not taken into account your specific needs, goals or objectives, so please consider consulting a licenced and trusted adviser before acting on the information. Please read The Rask Group’s Financial Services Guide (FSG) for more information. This article is authorised by Owen Raszkiewicz of The Rask Group, which is a corporate authorised representative No. 1264179 of Strawman Pty Ltd (ACN: 610 908 211) (AFSL: 501 223).
At the time of publishing, Jaz does not have a financial interest in any of the companies mentioned.