Diversified property giant, Lend Lease Corporation (LLC) rose as much as 3.2% on Wednesday after it said it has held private talks with Mirvac Property Group (MGR), spurring speculation about a transaction between the two.
In a separate note to the stock market, both parties said there is no expectation or certainty that any transaction will result from these or any other discussions.
"Lend Lease confirms that it has over time held various discussion with Mirvac on a confidential basis," Lend Lease said.
"There is no expectation or certainty that any transaction will result from these or any other discussion."
Mirvac's share price has been rising steadily over the past few trading days, as the rumours of a tie-up with Lend Lease gained impetus. This obviously led to both companies feeling the need to make an announcement to the stock exchange.
Mirvac's share price fell sharply last week to $5.68, only to be propelled today to $6.06 on the back of ‘private talks' announcement.
Lend Lease also received a boost today, traded between the range of 19.200 – 19.920, closing 44 cents up at $19.74.
Lend Lease, a property investment management group has market capitalisation of about $8 billion and has been trading on the Australian Stock Exchange since 1962.
Mirvac has been trading on the ASX since 1999 and has a market capitalisation of about $6 billion.
