E30 Building Construction

‘Blackmail’ worked, says Boral

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Original article by Lucille Keen
The Australian Financial Review – Page: 1 & 8 : 10-Jul-14

Concrete supplier Boral has accused the Construction, Forestry, Mining & Energy Union of blackmail. On 9 July 2014, Boral CEO Mike Kane told the Royal Commission Into Trade Union Governance & Corruption that the union threatened contractors and created a cartel on Melbourne building sites. He said that the criminal conspiracy was effective, with Boral’s profits falling by nearly $A6 million since the boycott was launched. Kane said that he expects the inquiry to refer his allegations to Victoria Police

CORPORATES
BORAL LIMITED – ASX BLD, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIA. ROYAL COMMISSION INTO TRADE UNION GOVERNANCE AND CORRUPTION, VICTORIA POLICE, GROCON PTY LTD, SUPREME COURT OF VICTORIA, AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, AUSTRALIA. FAIR WORK COMMISSION, TRANSPORT WORKERS’ UNION

Union rushes to enlist

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Original article by Michael Bleby
The Australian Financial Review – Page: 10 : 4-Jul-14

Construction groups such as Lend Lease and Leighton Holdings off-shoot John Holland are warning subcontractors that they will have to comply with a new building and construction industry code. However the relevant legislation has not yet been passed by the senate, with the Federal Government needing the votes of the Palmer United Party and independents. The Construction, Forestry, Mining & Energy Union is busy signing up subcontractors to an enterprise agreement. It hopes that if sufficient numbers can be reached, it will be easier to convince senators to vote against the reinstatement of the Australian Building & Construction Commission, which would enforce the code

CORPORATES
LEND LEASE GROUP LIMITED – ASX LLC, LEIGHTON HOLDINGS LIMITED – ASX LEI, JOHN HOLLAND PTY LTD, CONSTRUCTION, FORESTRY, MINING AND ENERGY UNION OF AUSTRALIA, AUSTRALIAN BUILDING AND CONSTRUCTION COMMISSION, MASTER BUILDERS ASSOCIATION OF NEW SOUTH WALES PTY LTD, PALMER UNITED PARTY, AUSTRALIAN LABOR PARTY, AUSTRALIAN GREENS

BGC, Metricon team up

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 42 : 26-Jun-14

The market leader in the Western Australian residential construction sector is BGC, a group that also has building materials assets. It has been the largest home builder nationwide as well for most of the past 10 years, only occasionally surpassed by Metricon. The number of new home starts in 2013 was 3,400 for BGC and 2,800 for Metricon. The two have now formed a new joint venture named Homefirst, which will initially be active in the Melbourne market’s budget segment

CORPORATES
HOMEFIRST, BGC (AUSTRALIA) PTY LTD, METRICON HOMES

Westfield shares rise on merger hopes

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Original article by Robert Harley
The Australian Financial Review – Page: 35 : 18-Jun-14

Westfield Retail Trust shareholders will vote on the proposed restructuring of the Westfield group of companies on 20 June 2014. Several major shareholders are expected to vote in favour of the deal, which is likely to ensure that it proceeds. However, Stephen Mayne of the Australian Shareholders’ Association forecasts that the deal will not be approved. Westfield Retail shares closed $A0.06 higher at $A3.21 on 17 June, while Westfield Group was up $A0.28 at $A10.89

CORPORATES
WESTFIELD GROUP – ASX WDC, WESTFIELD RETAIL TRUST – ASX WRT, AUSTRALIAN SHAREHOLDERS’ ASSOCIATION

Leighton slims down in $1.5b sell-off

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Original article by Jenny Wiggins, Sarah Thompson, Anthony Macdonald
The Australian Financial Review – Page: 1 & 8 : 13-Jun-14

Australian-listed construction group Leighton Holdings will undertake a restructuring that is expected to include asset sales. The John Holland construction business is one of the assets that could be sold, with expectations that it could fetch around $A1bn. Leighton’s services businesses could also be offloaded, while the future of its property assets are also believed to be under scrutiny. Leighton currently has five operating businesses, but these will be reduced to four as part of the restructure

CORPORATES
LEIGHTON HOLDINGS LIMITED – ASX LEI, JOHN HOLLAND PTY LTD, HOCHTIEF AG, DEVINE LIMITED – ASX DVN, BANK OF AMERICA AUSTRALIA LIMITED, MERRILL LYNCH (AUSTRALIA) PTY LTD, MACQUARIE CAPITAL PTY LTD, CHEVRON CORPORATION, LEIGHTON CONTRACTORS PTY LTD, THIESS PTY LTD, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Goodman to recycle $1.4 billion in assets

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Original article by Robert Harley
The Australian Financial Review – Page: 34 : 13-Jun-14

Goodman Group plans to reinvest the proceeds of property sales into the development of new projects. The Australian-listed company’s property portfolio is valued at around $A26.4bn, and it intends to offload some $A1.4bn worth of property in Australia and offshore. Goodman has forecast that its 2013-14 operating earnings will be about seven per cent higher than previously

CORPORATES
GOODMAN GROUP – ASX GMG, MORGAN STANLEY AUSTRALIA LIMITED

A pain in the glass for Grocon

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Original article by Nick Lenaghan
The Australian Financial Review – Page: 34 : 13-Jun-14

Grocon has experienced quality control problems with glass used in the construction of a 12-storey office tower in the Melbourne CBD. The developer has agreed to replace about 50 per cent of the heat-tempered glass due to flaws in its manufacture. The building is being constructed on behalf of the GPT Wholesale Office Fund

CORPORATES
GROCON PTY LTD, GPT WHOLESALE OFFICE FUND NUMBER ONE, WESTPAC BANKING CORPORATION – ASX WBC, APN PROPERTY GROUP LIMITED – ASX APD, CHINA SOUTHERN GLASS (AUSTRALIA) PTY LTD