Lendlease, Stockland slip as ACCC identify prelim concerns in deal; Citi sees pressure

Stockland

04/07/2024 04:03

(Updates with Citi comments)
    ** Shares of Australia's Lendlease  LLC.AX  fall 1.8% to
A$5.59 to hit their lowest since June 27
    ** Australian Competition and Consumer Commission (ACCC)
says the developer's deal to sell a business operation to rival
Stockland Corp  SGP.AX  raises preliminary concerns 
    ** ACCC says it might oppose the deal
    ** ACCC set to announce final decision on Sept. 12
    ** Stockland shares down 0.8%
    ** Analysts at Citi say the delay in sale likely puts
downward pressure on SGP’s FY25 earnings 
        ** Brokerage says ACCC statement also delays capital
recovery for Lendlease which is a key growth driver
  
        ** Citi sees downward pressure for both stocks post ACCC
statement
  
    ** Stock has fallen 23.8% this year as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))