Global ambitions a dangerous trap for overzealous local giants

“An organic approach to world domination is a better way to do it,” says Allan Gray’s Simon Mawhinney. A string of failures shows him to on the money.

Jemima Whyte

Jun 22, 2024 – 5.00am

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Lendlease’s decision to cut and run from its $4 billion international construction and development business last month was dramatic. But not as dramatic as Intrepid Mine’s experience in 2012, when its Indonesian partner suddenly seized its Tujuh Bukit gold project and transferred its ownership.

Both, in their way, are cautionary tales for Australian investors – a warning to keep ambitious executives keen to go global in check.