July 2021
CIMIC ‘bouncing back’ from 2020, says CEO
Construction group does not believe the current two-week halt on work in NSW will have a serious financial impact but will worry if the shutdowns are extended.
- Jenny Wiggins
May 2021
Cimic resurrects takeover bid for Devine with $15.6m offer
Brazil Farming is expected to accept a new takeover offer from Cimic unless a higher bid is put on the table, despite making a loss on its 10-year investment.
- Jenny Wiggins
January 2020
ASIC continues probe into Devine
Minority investors remain unhappy with CIMIC's management of property group Devine amid allegations of forced losses.
- Jenny Wiggins
March 2019
ASIC to probe CIMIC control of Devine
Devine Group investors have convinced ASIC to probe the actions of majority owner CIMIC, which they claim is pushing down the share price so it can lob another bid.
- Jenny Wiggins
February 2019
Land impairments dents Devine recovery
A 57 per cent increase in settlements across its residential land business boosted revenue at Devine Limited, but it still made a loss after booking a $41.9m asset writedown.
- Updated
- Larry Schlesinger
January 2019
Devine investors ask Frydenberg to push for ASIC probe of CIMIC
Devine investors are fed up with the company's falling share price and annual losses after an attempted takeover and want ASIC to investigate.
- Jenny Wiggins
May 2018
CIMIC's Devine chasing legal claims, appoints new chief
CIMIC's Devine is chasing up legal claims on funds owed to it.
- Updated
- Matthew Cranston
'Bloody pathetic': CIMIC's Devine down 54pc since takeover bid
Investors are concerned about market manipulation.
- Updated
- Matthew Cranston
February 2018
Devine losses fall, but ANZ debt date looms
Struggling developer Devine posted a lower full-year loss to December, but has yet to secure an extension to its $51m funding facility.
- Updated
- Larry Schlesinger
October 2016
Ichthys contracts to decide fate of CIMIC bid for UGL
UGL's biggest shareholder waits for more detail from board following CIMIC's $524 million bid.
- Updated
- James Thomson
July 2016
Peet links with Thai developer Supalai for Redbank Plains project
Development and funds management group Peet has formed a new joint venture fund with Thai heavyweight developer Supalai Public Company to develop a housing estate in Brisbane.
- Updated
- Robert Harley and Nick Lenaghan
April 2016
CIMIC's Devine to break up, sell Queensland development
Spanish construction giant CIMIC is set to break up listed residential developer Devine after finalising a review of the business and agreeing to sell one of its major developments
- Updated
- Matthew Cranston
March 2016
CIMIC, Hochtief share buybacks spur ACS takeover speculation
CIMIC's Spanish parent, Grupo ACS, may be positioning for a full takeover of the construction group after increasing its stake
- Updated
- Jenny Wiggins
February 2016
CIMIC-controlled property developer Devine gets lifeline from ANZ
CIMIC-controlled residential developer Devine still can't say whether it has breached banking covenants but it has gained an extension from its banker ANZ.
- Updated
- Matthew Cranston
Queensland's other Clive sells property to Australian Unity
Queensland's other wealthy Clive – Clive Berghofer – has sold a building to Australian Unity for more than $80 million.
- Updated
- Matthew Cranston
January 2016
CIMIC cleans out Devine board, Peter Dransfield to go
Devine has appointed former chief operating officer of Leighton Properties Andrew Cooper as its new chief executive and dropped chairman Peter Dransfield.
- Updated
- Matthew Cranston
December 2015
CIMIC's $128m property takeover might end with delisted Devine
Former Leighton Holdings now CIMIC could move to privatise listed residential developer Devine if the company's second largest shareholder Lyn Brazil holds out on a revised $128 million takeover bid.
- Updated
- Matthew Cranston
November 2015
Grupo ACS and CIMIC's Devine clean up long overdue
Admittedly Madrid is a long way from Brisbane, but after an almost 18 month-long circus you think someone at Grupo ACS would have noticed before now.
- Updated
- Matthew Cranston
Devine CEO David Keir resigns, still no sign of CIMIC
Residential developer Devine is in disarray after its chief executive David Keir resigned after a recent profit downgrade and prolonged inaction from majority shareholder CIMIC after a botched sale of the company early this year.
- Updated
- Matthew Cranston and Mercedes Ruehl
August 2015
Devine extends ANZ debt facility, first-half profit climbs
Listed residential developer Devine has extended its debt facility with the ANZ Banking Group for another year after delivering a net profit of just $900,000 for its first-half financial result and freeing itself of financial dependency from major shareholder CIMIC.
- Updated
- Matthew Cranston