UGL, the Australian owner of property adviser DTZ, says a demerger of the company is looking more likely.
UGL, the Australian owner of property adviser DTZ, says a demerger of the company is looking more likely.
The Sydney-listed global diversified services company made the comment in a sombre filing this week giving its latest earnings guidance and market forecast.
The statement comes two months after UGL revealed a demerger was one of the options being considered as part of a strategic review of the entire group.
In the latest earnings guidance, UGL wrote: 'With the assistance of UGL’s legal and investment banking advisers, a three-phase review is being conducted. The board has noted that a demerger appears more likely than other options to optimise value for UGL shareholders.'
However, a demerger is not a foregone conclusion. UGL added: 'The review is subject to completion of Phase 3 which will examine a number of significant issues including structural, tax, refinancing and progress of DTZ global integration.'
UGL acquired DTZ in December 2011 for €90 mln.
