Brookfield Multiplex

Type	Private
Founded	1962
Headquarters	Perth, Australia
Key people	Ross McDiven, CEO
Industry	Construction, Civil engineering
Employees	Circa 2,000
Parent	Brookfield Asset Management
Website	www.brookfieldmultiplex.com

Brookfield Multiplex is a large Australian-based group of property and construction companies notable for its involvement in large scale projects. The group is involved in construction, property development, facilities management and property funds management. The group also owns and operates a portfolio of investment grade commercial and retail properties.

[edit] History

The Central Park tower is the tallest building in Western Australia.

The new Wembley Stadium.

It was founded in 1962 in Perth, Western Australia by John Roberts. It went on to build many large projects such as Wembley Stadium.^[1]

In December 2003, it listed on the Australian Stock Exchange with the code of MXG, raising a total of $1.2 billion AUD.^[2]

Multiplex announced in late November 2006 that it planned to create a European real-estate fund to increase profits. ^[3] Multiplex posted a preliminary financial report on 22 February 2007 which announced the group's net profit of $295.6 million AUD.^[4]

In January 2007 Multiplex faced a takeover bid which caused its share price to jump 17%. The $4.03 billion AUD proposal was never formally made and the potential bidder remained anonymous. ^[5]

On June 11, 2007, Brookfield Asset Management proposed an acquisition of Multiplex which valued the company at approximately $7.3 billion AUD.^[6] The offer to shareholders of $5.05 per security was supported by the Multiplex board of directors, including the Roberts family, ^[7] who sold their 26% ownership of Multiplex to Brookfield. The offer also proved popular with investors, with Brookfield rapidly acquiring 90% ownership of the company by 31 October 2007.^[8]

Brookfield has indicated it intends to compulsorily acquire the remaining 10% of Multiplex securities and delist the company from the ASX from 12 November 2007. Brookfield published a statement to the ASX outlining its intentions following the acquisition of Multiplex.^[9]

[edit] Operations

The group employs over 2,000 people with operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East.

[edit] Class Action

In December 2006 Maurice Blackburn Cashman initiated a class action against the Multiplex Group, alleging that from the 2 August 2004 until 30 May 2005 the Company failed to disclose, to security holders and to the ASX, the entire truth regarding the cost increases and delays in the Wembley Stadium project, breaching the Corporations Act.^[10] Multiplex has introduced a settlement offer, however as of 11 April 2007 the class action has not been resolved.^[11]

[edit] Extortion Threat

In early 2005, Multiplex became the target of an extortion conspiracy. Multiplex was told that if it did not hand over $50 million AUD a sniper would target crane operators on Multiplex sites in either London or Australia. The threats prompted a walkout by crane drivers on two Multiplex sites in Perth, Australia however the deadline for payment passed without incident.^[12]The threat was believed to have originated in Sydney, Australia.^[13]

[edit] Projects

Multiplex's first project was the laying of a pipeline across the Mandurah estuary. Major construction projects have included:

• BankWest Tower, Perth completed in 1988^[14]
• Central Park, Perth completed in 1992^[15]
• Old Swan Brewery, Perth completed in 2001^[16]
• Federation Square, Melbourne completed in 2002^[17]
• Stadium Australia Reconfiguration, Sydney completed in 2003^[18]
• Flinders Wharf, Melbourne completed in 2003^[19]
• Perth Convention Exhibition Centre, Perth completed in 2004^[20]
• Latitude, Sydney completed in 2005^[21]
• Wembley Stadium, London completed in 2007^[1]
• Sentinel, North Shore City, New Zealand completed in 2008^[22]
• Deloitte Centre, Auckland completed in 2009^[23]

[edit] Future projects

• Bishopsgate Tower, London (Under construction)
• City Square, Perth (Under construction)

[edit] External links

• Brookfield Multiplex Group
• Brookfield Asset Management

[edit] References