CIMIC Group Limited’s
(ASX:CIM) subsidiary Devine Limited
(ASX:DVN) has abandoned its sales process after it was unable to reach a binding deal.
CIMIC, formally Leighton Holdings Limited
(ASX:LEI), said it would sell its controlling 50.6 per cent interest in Devine in July last year.
Since then Devine advises a thorough sales process has been undertaken resulting in a number of proposals with attached conditions.
As the conditions have not been able to be satisfied Devine says it has now decided to terminate the formal sale process.
Devine reported a net profit of $3.59 million in the 12 months to the end of December 2014.
