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Thursday, Jul 24, 2008

(MORE TO FOLLOW) Dow Jones Newswires

July 24, 2008 18:43 ET (22:43 GMT)

 

Thursday, Jul 24, 2008

SYDNEY (Dow Jones)--Dubai-based NakheelNakheelLoading... LLC has increased its stake in Australian developer Mirvac Group (MGR.AU) to 13.371% from 12.57%, according to a substantial shareholder notice lodged with the Australian Stock Exchange Friday.

The move follows a report in The Australian Financial Review's Street Talk column last week that NakheelNakheelLoading... had shown an interest in taking its stake to 20%, and that NakheelNakheelLoading... Chief Executive Chris O'Donnell might hold some talks with Mirvac during a visit to Sydney.

Mirvac in January entered into a strategic partnership with NakheelNakheelLoading... through a A$300 million placement, which cut Mirvac's debt and boosted its liquidity.

At the time, Mirvac said the partnership would allow it to take advantage of acquisition opportunities.

-By Rebecca Thurlow, Dow Jones Newswires; 61-2-8235-2959; rebecca.thurlow@dowjones.com

(END) Dow Jones Newswires

July 24, 2008 18:55 ET (22:55 GMT)

 
Article originally published by Dow Jones Newswires 24-Jul-08
 
 
 
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