Devine Group ditches sales talks

CIMIC subsidiary Devine has ditched its sales process of ten months, after failing to progress any discussions to a binding agreement.

Suitors including AV Jennings, Proprium Capital Partners, Singapore-based City Developments and Japanese property groups Daiwa House and Sekisui House are believed to be among those which had eyed the listed property group, in a process which the target said had led to “a number” of non-binding, confidential and conditional proposals. One of these progressed to a final non-binding, confidential cash proposal subject to a number of conditions.

But conditions for the deal were ultimately unable to be met, Devine said.

Devine had been expected to sell for a figure close to $US220 million, in a sales process advised by Goldman Sachs.

It was put on the block when CIMIC (formerly Leighton Holdings) decided to offload its 50.6 per cent controlling stake, amid a broad divestment of assets following Hochtief’s $US1.2 billion takeover of the parent.

Any foreign buyer for Devine would have had to satisfy conditions including approval by the Foreign Investment Review Board.