Australia's Stockland gains on regulator's nod for buying Lendlease's projects

Stockland

26/09/2024 02:11

** Shares of Stockland Corporation  SGP.AX  rise as much as
2.1% to A$5.4, set for their third straight session of gains -
if trend holds
    ** Australia's competition regulator says it will not oppose
SGP's proposed acquisition of 12 residential community projects
from peer Lendlease Group  LLC.AX  for A$1.3 bln ($887.90 mln)
    ** The Australian Competition and Consumer Commission (ACCC)
says SGP is required to divest its Forest Reach community
project in New South Wales
    ** ACCC adds it is also satisfied that the proposed
acquisition is unlikely to cause serious competition concerns in
other areas
    ** SGP stock has risen 20.4% YTD
 


($1 = 1.4641 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com))