- Brookfield Multiplex
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Brookfield Multiplex 
Type Private Industry Construction, Civil engineering Founded 1962 Headquarters Sydney, Australia Key people Ross McDiven, CEO Employees Circa 2,000 Parent Brookfield Asset Management Website www.brookfieldmultiplex.com Brookfield Multiplex is an Australian-based group of property and construction companies notable for large-scale projects. The group is involved in construction, property development, facilities management and property funds management. It also owns and operates a portfolio of investment-grade commercial and retail properties.
Contents
History
The Central Park tower is the tallest building in Western Australia.
The new Wembley Stadium
The new Wembley Stadium.Multiplex 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 A$1.2 billion.[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 A$295.6 million.[4]
In January 2007 Multiplex faced a takeover bid which caused its share price to jump 17%. The A$4.03 billion proposal was never formally made and the potential bidder remained anonymous.[5]
On 11 June 2007, Brookfield Asset Management proposed an acquisition of Multiplex which valued the company at approximately A$7.3 billion.[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]
Operations
The group claims to employ approximately 7,800 people in Australasia[10] and has operations and offices throughout Australia, New Zealand, the United Kingdom and the Middle East.
Class action
In December 2006 Maurice Blackburn Cashman initiated a class action against the Multiplex Group, alleging that, from 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.[11] The matter was resolved in July 2010 by a settlement payment of A$110 million to the contesting 120 shareholders.[12]
Extortion threat
In early 2005, Multiplex became the target of an extortion conspiracy. Multiplex was told that if it did not hand over A$50 million, 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 but the deadline for payment passed without incident.[13] The threat was believed to have originated in Sydney, Australia.[14]
Projects
Multiplex's first project was the laying of a pipeline across the Mandurah estuary. Other construction projects include:
Completed
- BankWest Tower, Perth completed in 1988[15]
- Central Park, Perth completed in 1992[16]
- Old Swan Brewery, Perth completed in 2001
- 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]
- Melbourne Convention Centre, Melbourne completed in 2009[24]
Under construction
- Bishopsgate Tower, London
- Fiona Stanley Hospital, Perth
- City Square, Perth
- New South Glasgow Hospital, Glasgow
References
- ^ a b "Wembley kick-off: Stadium is ready and England play first game in fortnight". Daily Mail. 9 March 2007. http://www.dailymail.co.uk/news/article-441182/Wembley-kick-Stadium-ready-England-play-game-fortnight.html. Retrieved 2007-03-19.
- ^ "2003-04 End of Year Financial Highlights". ASX. http://www.asx.com.au/about/pdf/MR2004.06.30_-_EFY_Highlights.pdf.
- ^ "Multiplex Plans 356 Million Euro Europe Property Fund". Bloomberg.com. http://www.bloomberg.com/apps/news?pid=newsarchive&sid=avaNdnDg21FM.
- ^ "Multiplex Group (MXG) Interim Financial Results for the Six Months Ended 31 December 2006". www.multiplex.com.au. http://www.multiplex.com.au/page.asp?partid=294&ID=319.
- ^ "Australia's Multiplex gets bid approach, shares up". Yahoo Finance. http://au.biz.yahoo.com/070125/19/12gtw.html.
- ^ "Brookfield's Proposed Acquisition of Multiplex Group". http://www.brookfield.com. http://www.brookfield.com/newsroom/multiplexprofile.asp.
- ^ "Your directors unanimously recommend that you accept the Brookfield offer". Multiplex.biz. http://www.multiplex.biz/page.asp?PartID=3756.
- ^ "Notice of Compulsory Acquisition". ASX. http://asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00779324.
- ^ "Brookfield Bidder Statement". http://www.brookfield.com/newsroom/pressreleases/r2007/resources/Multiplex/Brookfield_Bidders_Statement.pdf.
- ^ The team (section) at citysquare.com.au
- ^ "Multiplex Class Action". Maurice Blackburn Cashman.com.au. http://www.mauriceblackburncashman.com.au/areas/class_actions/multiplex.asp.
- ^ Brookfield Multiplex settles shareholder class action at ABC Lateline Business, 21 July 2010
- ^ "Perth crane drivers heed Multiplex threat". ABC News. http://www.abc.net.au/news/newsitems/200503/s1313204.htm.
- ^ "Multiplex sniper threat started in Sydney". Sydney Morning Herald. 1 March 2005. http://www.smh.com.au/news/Business/Multiplex-sniper-threat-started-in-Sydney/2005/03/01/1109546827114.html.
- ^ McGeough, Paul (8 September 1984). "Reviver for Palace Project". The West Australian: p. 1.
- ^ Roger and Barbara Andrew (eds.) (2000). "A city within a city". Western Australia — leading in the new millennium. Roleystone: Andrew Publishing House. pp. 201–202. ISBN 095778421X.
- ^ "Federation Square: Fun Facts". http://www.federationsquare.com.au/index.cfm?pageID=256.
- ^ "Stadium Australia - Redefining the Customer in Stadium Design and Construction". Alan Patching & Associates. http://www.alanpatching.com/content/stadia-related-articles/.
- ^ "Infolink". http://www.infolink.com.au/n/Contracts-n754349.
- ^ "Perth Convention Exhibition Centre: Frequently asked questions". http://www.pcec.com.au/faqs.cfm.
- ^ "Latitude at World Square". http://www.latitudeatworldsquare.com.au/delivery/delivery.htm.
- ^ "Building towers over Auckland's North Shore". NZ Construction News. July 2007.
- ^ http://www.brookfieldmultiplex.com/commercial/projects/property-details/1245/Deloitte-Centre
- ^ "The Melbourne Convention Centre wins the 2010 Australian Construction Achievement Award". acaa. 21 May 2010. http://www.acaa.net.au/pdf/2010ACAA_winner_MediaRelease.pdf. Retrieved 2010-05-28.
External links
Categories:- Companies established in 1962
- Construction and civil engineering companies of Australia
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