UPDATE 1-Australia's Lendlease hires banks to run engineering unit sale - sources [Reuters]
LENDLEASE CORP LTD S/ADR (LLESY)
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Source: Reuters
UPDATE 1-Australia's Lendlease hires banks to run engineering unit sale - sources | Reuters 2 Min Read (Adds cash proceeds estimate, more details) By Paulina Duran SYDNEY, March 28 (Reuters) - Australian construction firm LendLease Group has appointed Morgan Stanley and local adviser Gresham to run the sale of its underperforming engineering and services business (E&S), two people aware of the matter told Reuters on Thursday. The investment banks have sent term sheets to a host or prospective buyers, added one of the sources who spoke on condition of anonymity because they were not authorised to speak to the media. Representatives for Lendlease and Morgan Stanley declined to comment. Gresham did not return requests for comment. The Australian developer wants to divest the E&S unit, which Bank of America Merrill Lynch analysts have said could fetch about A$500 million ($355.15 million) in cash proceeds, and focus on its other three units - construction, development and property investm
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