WHEN extra time was announced at Wembley Stadium on weekend it was all in the name of the FA Cup Final clash Chelsea FC and Manchester United.
Last Saturday, the fist FA Cup Final match was played at Wembley following a seven year absence.
And the construction debacle which saw Multiplex complete the stadium 14 months after the deadline, was a distant memory for the 90,000 capacity crowd who turned out to watch
As for Multiplex, despite handing over the keys to owners Wembley National Stadium Limited in March this year, the nightmare associated with project may not be over.
Multiplex’s which booked total losses from the Wembley project of $365 million – is currently fighting a $100 million plus class action launched by investors alleging that the group failed to inform them (investors) on the costs blowout associated with the project.
The investor class action is currently before the Federal Court.
Following this chapter, Multiplex will turn to an impending $4 billion takeover bid launched by the group’s founders, the Roberts Family and Canadian asset manager Brooksfield Asset Management.
Neither the Roberts Family nor
The partners have proposed to buy 100% of the underlying businesses of Multiplex Limited, including Multiplex’s property development, construction, property funds management and facilities management businesses.
In 2004, the Roberts family floated the $2 billion company on the Australian Stock Exchange and had a majority shareholding of 46%.
RFN later sold down its stake to 25.6% in Multiplex.
Australian Property Journal
