Discussions with FKP Have Ceased: Lend Lease

Lend Lease yesterday said it would not seek any further acquisitions after BBC, quashing any chance of an FKP buyout. Lend Lease CEO Greg Clarke stated: “Lend Lease will be taking a cautious approach to investment and is unlikely to undertake any material corporate acquisitions over and above this in the short term. This investment is our preferred scale investment and discussions with FKP Property Group have accordingly ceased.” FKP thus far has issued no comment on the declaration. In other news, FKP this week withdrew its 10 percent earnings growth forecast for the current financial year, stating the turmoil in financial and credit markets has made the future hard to predict. Having only released its net profit of $150 million for the 2007-08 year on August 28, the group yesterday warned that earnings for the coming 12 months were unlikely to change.