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Downer reveals another sorry tale of M&A

Downer buying Spotless in 2017 was a ripper story, but Downer’s new brigade now realises it either overpaid or did not get the integration right.

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Downer EDI is one of this year’s sin bin stocks.

Bad contracts, write-downs, earnings misses, a corruption investigation, boardroom turnover (four directors have gone this year including Grant Fenn who was managing director for 12½ years) all led to a furious shareholder base, and long-overdue change.

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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
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    Original URL: https://www.afr.com/chanticleer/downer-reveals-another-sorry-tale-of-m-and-a-20230803-p5dtjn